Management Accounting Certifications

Students often get confused on the various management accounting certifications that exist in the global market.

In this post I am going to break down 4 of the most important and preferred certifications that you can choose between. So let’s get started.

USA - IMA

For anyone interested in being a part of the CMA community in the USA, they should get their membership with the Institute of Management Accountants (IMA). Currently, it has over 70,000 members, which include candidates as well as certification holders.

We have already covered the eligibility criteria in order to become a CMA in the USA. In case you have missed out on that, here’s the link. 

The IMA has partnerships in place with 2 other accounting bodies -

1. Association of Chartered Certified Accountants (ACCA) - Any member of the ACCA can get to automatically qualify for the CMA
2. Institute of Cost Accountants of India (ICAI) - A candidate who pursues their CMA certification outside of India can seek membership with the ICAI.

UK - CIMA

The Chartered Institute of Management Accountants (CIMA) is the biggest and oldest management accounting body in the world. Founded nearly 100 years ago, the association is thrice as big as the IMA with nearly 218,000 members.

In order for one to become a CIMA member, they must -

• Clear their 15 exams
• Have a minimum of 3 years of qualifying experience
• Have a superior endorse them 

However, the CIMA may exercise their discretion and exempt a candidate from appearing for some of the exams depending on their educational level.

 Like the IMA, the CIMA has partnerships in place with affiliated accounting bodies over the world like the ICAI and AICPA.

CANADA - CPA

The management accounting body of Canada was CMA Canada until 2013 when it got merged with 2 similar bodies to form the Certified Professional Accountant (CPA).

In terms of its strength, the CPA has over 150,000 members which include aspiring CPAs as well.

We have yet to see the official announcement with respect to the eligibility criteria being made for 2016. However, traditionally, the CPA certification has been designed largely to Canadian citizens or working professionals in Canada. This is the main reason why the CPA remains a less popular certification amongst its counterparts.

AUSTRALIA - ICMA

The newest entrant in the management accounting certification space is the Institute of Certified Management Accountants (ICMA) in Australia. Established just under 20 years ago, the ICMA has around 2750 members. 

A critical point to be noted about the ICMA is that it hasn’t yet forged any partnerships with other bodies globally. There are, however, certain benefits for Australians who have obtained either a CA or CPA in some other country. 

What’s best for you?

The final choice you have to make depends largely on the country you’re from or the country you’d like to practice in. 

If you see yourself settle in the European region then the CIMA has benefits that would suit you to work in that region.

If you wish to practice in the USA or Asia then the IMA would likely be the best option to go for.

With this, I hope you will be able to better make decision regarding the certification you should go for.