AICPA, CIMA Propose Joint Venture, International Designation

The AICPA announced today a proposed partnership with the London-based Chartered Institute of Management Accountants (CIMA) that would lead to the creation of a new, as-of-yet unnamed, international management accounting credential.

The two groups aim to do this by establishing a new nonprofit joint venture -- subject to separate approval based on a vote by the governing bodies of both the AICPA and the CIMA in May -- to promote the new designation. The AICPA estimates that the new venture would cover more than 550,000 members and students worldwide between the two organizations.

If approved, the AICPA would own 60 percent of the proposed venture which would be governed by a board of directors with 50/50 representation from the AICPA and CIMA and a rotating chairman.

The proposed new designation would be issued by the joint venture on behalf of the AICPA and the
CIMA, with membership remaining with the existing organizations. AICPA voting members in the U.S. with at least three years of background working in management accounting or in a financial management role would qualify to obtain the new credential on an accelerated route, according to the proposal. Non-voting members in the U.S. would not be eligible to acquire the designation at all.

In the Americas outside the United States, non-U.S. CPAS would be eligible to obtain the designation as AICPA international associates following what the AICPA calls a “rigorous assessment process,” after which they become automatic members of the CIMA.

Once they’ve attained the designation, all holders would be required to commit to an ongoing, self-directed program of continuing career development and competency maintenance focused on management accounting, leadership and strategy, according to the AICPA press release.