Supriya Ghosh (Editor)

Certified Management Accountants of Canada

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Abbreviation
  
CMA Canada

Formation
  
May 3, 1920; 96 years ago (1920-05-03)

Legal status
  
Incorporated by letters patent under the Canada Corporations Act, Part II

Objective
  
Encourage professionalism in accountancy in Canada

Headquarters
  
Mississauga, Ontario,  Canada

Region served
  
Canada, Bermuda, Hong Kong, Caribbean

The Society of Management Accountants of Canada (French: La Société des comptables en management du Canada), also known as Certified Management Accountants of Canada (French: Comptables en management accrédités du Canada) and CMA Canada, awards the Certified Management Accountant designation in Canada.

Contents

Activities

CMA Canada, through its provincial and territorial affiliates, grants the CMA professional designation in accounting and is responsible for standards-setting, accreditation and the continuing professional development of CMAs.

CMAs apply expertise in accounting, management and strategy to ensure corporate accountability and help organizations maintain a long-term competitive advantage. CMA Canada offers executive development programs, online courses, and knowledge management publications.

Management Accounting Guidelines and Management Accounting Practices are published by CMA Canada to specify the best practice on key topics in management accounting. They are available for download free of charge or on CD for a nominal charge to CMAs, and can be purchased by non-members.

History of the Society

The mission of the Society has closely tracked the evolution from cost accounting to management accounting in Canada, and its distinction from financial accounting:

  • 1920 - Incorporation of The Canadian Society of Cost Accountants, with head office in Hamilton, Ontario
  • 1926 - Introduction of Cost and Management, the predecessor of CMA Magazine
  • 1930 - Name changed to The Canadian Society of Cost Accountants and Industrial Engineers
  • 1941 - Formation of provincial societies in Ontario and Quebec, with the power to grant the newly established professional designation of Registered Industrial Accountant ("RIA")
  • 1948 - Name changed to Society of Industrial and Cost Accountants of Canada
  • 1968 - Name changed to The Society of Industrial Accountants of Canada
  • 1977 - Name changed to The Society of Management Accountants of Canada
  • 1985 - Introduction of the professional designation of Certified Management Accountant ("CMA"), with existing RIAs being grandfathered in
  • 2004 - CMA is registered as a trademark by CMA Canada
  • 2006 - Certified Management Accountant is registered as a trademark by CMA Canada
  • 2007 - Incorporation of the CMA Canada Research Foundation
  • 2009 - Introduction of The National Standard for Public Accounting for Certified Management Accountants to govern the affairs of CMAs that have entered into public practice

    • A merger was proposed between the Canadian Institute of Chartered Accountants and CMA Canada in 2004, but it did not go beyond exploratory talks. Discussions began again in mid-2011, which later expanded to include CGA Canada. A merger proposal was discussed at the provincial level of all three organizations for the creation of a national accounting body that would issue the professional designation of Chartered Professional Accountant. CICA and CMA Canada joined together in 2013, to create Chartered Professional Accountants of Canada (CPA Canada)

    Competencies, accreditation process and post-qualification development

    CMAs are expected to undergo specific training and practical experience to achieve specified competencies in the area of strategic management accounting, which are intended to prepare them for senior leadership roles in their organizations. There are six functional competencies and four enabling competencies in that regard:

    Functional competencies

  • Strategic management
  • Risk management and governance
  • Performance management
  • Performance measurement
  • Financial management
  • Financial reporting

    • Enabling competencies

  • Problem solving and decision making
  • Leadership and group dynamics
  • Professionalism and ethical behaviour
  • Communication

    • While candidates may come from a variety of backgrounds, the CMA career path is expected to progress in the following manner:

    CMA candidates (without advanced professional standing) must have obtained a university degree and have credits in a specified list of subjects, before they can write the CMA Entrance Examination. Upon passing this stage, they then enter the Strategic Leadership Programme ("SLP"), which has the following components:

  • Development Phase
  • followed by the successful passing of the CMA Case Examination
  • Application Phase
  • leading to the successful preparation and presentation of the Board Report, containing detailed analysis and recommendations on a specified case study
  • Completion of 24 months of relevant full-time progressive practical experience confirmed by the employer - of which at least 12 months must be concurrent with the SLP
  • Candidates are expected to be expanding their on-the-job responsibilities while undertaking the SLP

    • Successful passage of the above will result in the granting of the CMA designation. After attaining the designation, there are specified requirements for continuous professional learning and development that must be undertaken to remain in good standing.

    Relationships with other professional organizations

  • Founding member of the International Federation of Accountants (IFAC).

    • Strategic alliance

  • Canadian Association of Management Consultants (CMC-Canada)

    • Mutual recognition agreements in effect:

  • CPA Australia
  • Chartered Institute of Management Accountants
  • Chartered Institute of Public Finance and Accountancy

    • Other relationships

    References

    Certified Management Accountants of Canada Wikipedia
    (Text) CC BY-SA