| 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 |
| Membership | 50,000 |
| Students | 10,000 |
| Member's designations | CMA, FCMA |
| Official languages | English, French |
| Chair | Cassandra Dorrington |
| Vice Chair | Lorri Lowe |
| President and CEO | Joy Thomas |
| Governing body | Board of Directors |
| IFAC member since | 1977 |
| Website | www.cma-canada.org |
The Society of Management Accountants of Canada, also known as Certified Management Accountants of Canada and CMA Canada, awards the Certified Management Accountant designation in Canada.
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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.[1][2]
Management Accounting Guidelines[3] and Management Accounting Practices[4] 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.[5]
The mission of the Society has closely tracked the evolution from cost accounting to management accounting in Canada, and its distinction from financial accounting:[6]
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,[8] which later expanded to include CGA Canada.[9] A merger proposal is anticipated by the end of 2011 or early in 2012.[10]
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.[11] There are six functional competencies and four enabling competencies in that regard:
Functional competencies
Enabling competencies
While candidates may come from a variety of backgrounds, the CMA career path is expected to progress in the following manner:[11]
| Stage | Phase | Nature |
| 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 - ie, 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.[12] Upon passing this stage, they then enter the Strategic Leadership Programme ("SLP"),[13] which has the following components:[14]
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.[15]
Strategic alliance
Mutual recognition agreements in effect:[18]
Other relationships[19]
| Organization | Description |
|---|---|
| American Accounting Association | Member |
| Canadian Academic Accounting Association | Leadership Partner[20] |
| 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[21] |
| 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 |
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