Certified Management Accountants of Canada
|Certified Management Accountants of Canada (CMA Canada)
|Formation||May 3, 1920|
|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|
|Member's designations||CMA, FCMA|
|Official languages||English, French|
|Vice Chair||Lorri Lowe|
|President and CEO||Joy Thomas|
|Governing body||Board of Directors|
|IFAC member since||1977|
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.
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
- 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 is currently being 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.
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:
- Strategic management
- Risk management and governance
- Performance management
- Performance measurement
- Financial management
- Financial reporting
- Problem solving and decision making
- Leadership and group dynamics
- Professionalism and ethical behaviour
While candidates may come from a variety of backgrounds, the CMA career path is expected to progress in the following manner:
|Acquisition||Prior to passage of CMA Entrance Examination||In process of completing undergraduate studies, or 5–7 years thereafter. Already in junior to middle management level in their organization.|
|Basic Proficiency||Acquisition of the CMA designation and the following five years thereafter||Already in middle management level, and progressively gaining more practical experience and responsibility.|
|Advanced Proficiency||5–10 years post-qualification||Early- to mid-career professionals, with most having achieved more senior positions within the middle management layer. A significant number hold introductory senior management positions in their area of specialization or in the organization as a whole.|
|Mastery||10–25 years post-qualification||Late-career professionals, operating in senior management roles. Most are either the highest-ranking financial officers in their organization or financial professionals with specialized knowledge in particular functional areas. A significant proportion of individuals are operating in the desired “C” space - i.e., CEO, CFO, CRO or CIO - and some of these are leaders of large enterprises or significant strategic business units.|
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
Mutual recognition agreements in effect:
- CPA Australia
- Chartered Institute of Management Accountants
- Chartered Institute of Public Finance and Accountancy
|American Accounting Association||Member|
|Canadian Academic Accounting Association||Leadership Partner|
|Consortium of Advanced Management International (CAM-I)||Collaboration on accounting research studies|
|American Institute of Certified Public Accountants||members are exempt from taking the CMA Entrance Examination, and can directly enter the Strategic Leadership Programme|
|Association of Chartered Certified Accountants|
|Institute of Cost and Management Accountants of Pakistan|
|Canadian Institute of Chartered Accountants|
|Certified General Accountants Association of Canada|
|Institute of Internal Auditors|
- "CMA Canada Research Foundation". Retrieved 2011-11-06.
- "Professional Development". Retrieved 2011-11-06.
- "Management Accounting Guidelines (MAGs)". Retrieved 2011-11-14.
- "Management Accounting Practices (MAPs)". Retrieved 2011-11-14.
- "Business Resources". Retrieved 2011-11-14.
- Alan J.Richardson (2002-12-01). "Professional dominance: The relationship between financial accounting and management accounting, 1926-1986". Accounting Historians Journal. Retrieved 2011-11-08.
- "The National Standard for Public Accounting for Certified Management Accountants". 2009-09-12. Retrieved 2011-11-08.
- Jeff Buckstein (July 2011). "Two out of three in on merger talks". The Bottom Line. Retrieved 2011-11-29.
- "Your source for CA-CMA-CGA Merger Information". Retrieved 2011-11-06.
- "Case for unity to be laid out". The Bottom Line. March 2012. Retrieved 2012-05-01.
- "The CMA Competency Map". Retrieved 2011-11-09.
- "CMA Entrance Examination". Retrieved 2011-11-09.
- "CMA Canada Strategic Leadership Program". Retrieved 2011-11-09.
- "The CMA Canada Accreditation Process". Retrieved 2011-11-09.
- "The National Standard for Continuous Professional Learning and Development for certified Management Accountants". Retrieved 2011-11-09.
- "Certified Management Accountants of Canada". IFAC. Retrieved 2011-11-06.
- "CMA Canada and CMC-Canada announce strategic alliance". Retrieved 2011-11-06.
- "Mutual Recognition Agreements". Retrieved 2011-11-06.
- "CAAA Partners, Patrons and Donors". Retrieved 2011-11-06.
- "International Associates". Retrieved 2011-11-09.
- "Mutual Recognition Agreements and Advanced Standing". Retrieved 2011-11-09.