FAQ

Is ICMA (Australia) linked to other accounting bodies or to IFAC?2023-12-01T00:03:39+11:00

The Institute of Certified Management Accountants (Australia & New Zealand) is an independent Australian body. Its patrons are Bill Dix, formerly the Chairman of Qantas and Ford, and Professor John Miller, formally Director of Consumer Affairs and President of CPA Australia.

The ICMA (ANZ) is accredited by the Commonwealth of Nations under the category of Civic Organisations.

The Institute distributes the world-class “On Target”, published by the ICMA to all its members. The ICMA’s research journal, ‘Management Accounting Frontiers’ is co-edited by Associate Professor V. G. Sridharan of the University of Adelaide and Professor Michael S. C. Tse of the Holmes Institute.

It is not linked to any other professional body like IMA (USA), CIMA (UK), CPA (Canada), etc., although as a post-graduate-level professional body, it recognizes the certified or chartered membership of such bodies as entry pathways to its CMA advanced professional qualification.

It is a charter member of the International Management Accounting Collaborative (IMAC) which consists of member CMA organizations in Asia, Australia, Europe, and the Middle East.

The ICMA (ANZ) does not recognise any member body of the International Federation of Accountants (IFAC), which is merely an advocacy group for the financial accounting profession and not an accreditation or standards body.  As such, the ICMA does not enter into any Mutual Recognition Agreements (MRAs) with any IFAC member bodies for its flagship CMA certification

The qualifications of some (but not all) professional bodies that are IFAC members are only recognised as an entry qualification to the CMA program.

What are the other professional accounting bodies in Australia?2022-08-03T11:35:25+10:00

There are three generalist professional accounting bodies who have members that provide public practice services in Australia; and are recognised in s88B of the Corporations Act (Australia) to issue a certificate under paragraphs 708(8)(c) or 761G(7)(c) after compiling or auditing a financial report in public companies. These three bodies are the Chartered Accountants of Australia and New Zealand (CA ANZ); CPA Australia (CPA) and the Institute of Public Accountants (IPA). Members of these 3 bodies, who have a practising certificate to provide such certifications as defined by the Corporations Act, need to be protected by Australian limitation of liability professional indemnity schemes.

The Institute of Certified Management Accountants (ICMA) is the only specialist management accounting professional accounting body in Australia. As ICMA members do not offer public accounting services or issue such compliance-based certificates; the ICMA does not fall under the s88B of the Corporations Act; and therefore, its members do not need to be protected by professional indemnity schemes.

ICMA is also the only specialist body operating at the post-graduate (Master’s Degree) level. Its education programs mainly consist of a Graduate Conversion Program for non-accounting graduates and a Certification (CMA) program for accountants. In Australia and other countries, these subjects are taught within university Master’s degree programs such as the MBA and Master of Professional Accounting (MPA) programs. In fact, most CMA members have masters’ degrees or are already qualified as CA or CPA, and must have at least 5 years relevant professional experience.

What differentiates a CMA from a CA/CPA?2022-08-03T11:36:08+10:00

The Certified Management Accountant (CMA) qualification is a post-graduate level professional qualification that those already possessing a CA/CPA would undertake whilst at a senior level in the organisation. In short, the CA/CPA are ‘generalist’ qualifications, mainly focusing on statutory financial reporting, auditing and taxation; whilst the CMA is a ‘specialist’ qualification focusing on strategic decision-making, business analysis and sustainable value creation.

A CMA is part of the management team, who understands the business formula for delivering value to the customer, arriving at strategies for identifying, developing, marketing and evaluating a product or service throughout the entire life cycle. He or she assesses the competitive environment and ascertains whether there is a sustainable competitive advantage. Unlike a CA/CPA, who mainly emphasises after-the-fact verification for statutory purposes, the CMA looks to the future to provide real-world strategic direction, business management and leadership. A CMA creates value instead of just measuring it.

The ICMA has over quarter-century of history in setting the current standard of skills and qualifications needed to be certified as a management accountant. All ICMA members must have a relevant accounting degree or equivalent before undertaking the Certified Management Accountant (CMA) professional program; and upon qualifying, must possess 5-years of relevant experience to become a CMA.

How recognised is the ICMA?2022-08-03T11:35:39+10:00

The ICMA was registered in 1996 under the Associations Incorporations Act 1981 (Vic.). It is a non-profit organisation; with the beneficial owners being the members themselves.

The ICMA is accredited by the Commonwealth of Nations under the category of Civic Organisations.

Members entitled under its Rules to use the post-nominals Fellow Certified Management Accountant (FCMA); ‘Certified Management Accountant (CMA)’, ‘Associate Management Accountant (AMA)’, ‘Graduate Management Accountant (GMA)’, ‘Registered Cost Accountant (RCA)’, ‘Registered Business Accountant (RBA)’, Certified Accounting Technician (CAT) and ‘Management Accounting Affiliate (MAA)’ membership categories.

The CMA, RBA, RCA and CAT post-nominals are also Registered Trade Marks of the ICMA.

True “recognition” is, however, only earned in the market. As a relatively  new body (now in its third decade of operations), having just over 15,000 members (with over 3,000 CMAs), it is already well recognised in its niche market, as a specialist qualification for already qualified ‘generalist’ accountants who which pursue a professional qualification undertaking two advanced subjects at the Masters Degree level (see equivalency assessment by NZQA). Its CMA education program now runs within a number of Masters Degree programmes in numerous Australian and overseas universities.

ICMA’s Certified Management Accountant (CMA) credential has been assessed for equivalency on the New Zealand Qualifications Framework (NZQF) at the Level 9 (Master’s Degree) by the NZQA.

Tell me more about the Grades of Membership?2022-08-03T11:36:31+10:00

All information on Membership is available from the Membership section.

If I have a recognised accounting qualification, do I still have to become a GMA or AMA first?2022-08-03T11:36:40+10:00

No, you may wish to undertake the CMA subjects as a student member, and upon completion, apply for CMA membership directly if you have over 5 years relevant experience.

Do I have the relevant experience?2022-08-03T11:40:13+10:00

All information on relevant experience is available from the Membership section

How do I qualify to become a CMA?2022-08-03T11:36:48+10:00

Those with an “Accounting” background (such as an accounting degree, CA, CPA) or an MBA need to do 2 specialist electives to get the CMA certification as follows:

  • Strategic Cost Management
  • Strategic Business Analysis

These two units have been assessed as equivalent to two Post graduate Masters (Level 9) NZQA units.

Each of these units would normally run over an entire semester in a university (78 hours in total). However, because of the prior knowledge and experience of participants (C-suite level) and the intensive nature of the program, participants will be able to complete the program over 7 days (56 hours).

The additional 22-hours in universities is taken up by ‘student presentations’ for grades. This is not done in the CMA intensive class. Other than that, participants receive the same training, simulations, and case study experiences as in a regular university master’s degree course.

All those who participate in the program take part in over 24 case studies. This is a very applied educational program; and as per the feedback we have received from most participants – they have been able to apply their learning at their workplace with great success.

What do you mean by “recognised” accounting qualification?2022-08-03T11:40:40+10:00

A recognised accounting qualification is either:

  1. An undergraduate degree with an accounting specialisation (at least 25% of the degree must be accounting and finance subjects) from an “accredited” university, or
  2. An postgraduate degree (e.g. MCom, MBA) with an accounting specialisation (at least 25% of the degree must be accounting and finance subjects) from an “accredited” university, or
  3. A professional accounting qualification from a body granted a Royal Charter or Government Charter. Most “Certified” bodies are also acceptable, however, in some countries, as the word “Certified” is not a restricted term, there are some accounting bodies using “certified” in their title that would be unacceptable to the ICMA as a recognised accounting qualification, or
  4. Those holding membership of the following accounting professional bodies HAVE been recognised in the past by the ICMA as having a recognised accounting qualification.
  • All Chartered Accounting bodies worldwide
  • AICPA (USA)
  • CPA Australia
  • MIA (Malaysia)
  • MICPA (Malaysia)
  • ICPAS (Singapore)
  • ICA (formerly ICWA) (India)
  • ICMA (Pakistan)
  • ICMA (Bangladesh)
  • CIMA (UK)
  • CACA (UK)
  • ICSA (UK)
  • CGA (Canada)
  • SMA (Canada)
  • CPA (Philippines)
  • CPA (Pakistan)
  • ICMA (PNG)
  • CPAC (China)
  • LACPA (Lebanon)
  • CPA Ireland
  • Saudi Organisation of CPAs (Middle-East)

Note: CMA members of IMA USA are required to complete 2 units of the GMA Stage 4 program: Financial Management and Financial Statement Analysis.

Those holding membership of the following accounting (and related) bodies HAVE NOT been recognised in the past by the ICMA as having a recognised accounting qualification.

  • Non-CMA members of IMA (USA)
  • Association of International Accountants (UK)
  • Association of Cost and Executive Accountants (UK)
  • Society of Certified Management Accountants (Sri Lanka)
  • Institute of Certified Management Accountants (Sri Lanka)
  • Society of Company and Commercial Accountants (UK)
  • Society of International Accounting Technicians (UK)
  • International Institute of Certified Management Accountants (USA)
  • Associate of the Institute of Co-operative and Management Accountants, (Malaysia).
  • CPA International (there are many bodies with this name operating in different countries)
  • Institute of Financial Accountants (UK)
  • Chartered Financial Management Analyst (USA)
  • Chartered Portfolio & Investment Manager (USA)
  • Chartered Trust and Estate Planner (USA)
  • Certified Economic Policy Analyst (USA)
  • The Registered Financial Planners Institute (USA)
  • Society of Registered Financial Planners Limited (HK)
  • Institute of Financial Consultants (Certified Financial Consultant)
  • Association of Financial Planners (UK)
  • Chartered Business Administrator (USA)
  • Chartered Business Administrator (Canada)
  • Canadian of Institute of Professional Accountants
  • Institute of Professional Financial Managers (IFC USA),
  • American Academy of Financial Management (AAFM-USA)*
  • Institute of Professional Financial Managers (UK)
  • Association Of Certified Fraud Examiners (USA)
  • The Institute of Commercial & Financial Accountants of Southern Africa (South Africa)
  • Association of Certified Management Accountants (UK)
  • Institute of Chartered Accountants of the Commonwealth
  • Association of Certified Public Accountants (U.K.)
  • Institute of Executives and Managers (U.K.)
  • Institute of Service Industries Management (U.K.)
  • The Institute of Co-Operative and Management Accountants, Malaysia.
  • Association of Incorporated Secretaries and Administrators (U.K.)
  • Institute of Certified Public Accountants (New Zealand)
  • Institute of Certified Management Accountants of New Zealand
  • All members of the U.K. based Confederation of Independent Accountancy Bodies (CIAB).

* The AAFM conducts non-examination seminars leading to a host of post-graduate sounding certifications such as Master Financial Professional, Certified Cost Accountant etc., all of which are NOT recognised by ICMA for membership purposes.

What do you mean by an “accredited” university?2024-02-23T00:46:48+11:00

In most countries the word University is a protected name, and granted to institutions after significant demonstration of academic rigor and research scholarship. However in some countries the word “University” is registered as a business name, and degrees are granted for “life experience”. A majority of such universities are in the USA and UK, but there are some in Asia, Europe and Africa. The ICMA considers as “accredited” only those universities accredited by the 5 regional accrediting agencies in the USA, or those that have a Royal Charter as a university in the UK. In most other countries, as the word “University” is strictly controlled, the ICMA will recognise all such institutions registered in their countries as universities.

Those holding “degrees” of the following “Universities” HAVE NOT been recognised in the past by the ICMA as having a recognised university degree.

  • Pacific Western University (USA)
  • Brainae University (USA)
  • Columbia Pacific University (USA)
  • American University of Asia (Sri Lanka)
  • American University of London
  • Browns International University
  • Michigan International University (USA)
  • European University of Ireland
  • Fairfax University (USA)
  • Clayton University (USA)
  • Newport University (USA)
  • Kesmonds International University (USA)
  • International University (USA)
  • Rushmore University (USA)
  • Somerset University (UK)
  • Southern Pacific University (S.P.U.) (St. Kitts & Nevis)
  • Washington International University (USA)
  • Preston University (USA) and affiliated campuses around the world
  • Sussex College of Technology (UK)
  • Rochville University (USA)
  • Calamus International University
  • Royal International University (Virgin Islands)
  • Wisconsin International University
  • Wessex University
  • Canadian College of Professional Management
  • Cosmopolitan University, Chile
  • Atlantic International University, USA
  • Pebble Hill University, USA
  • Mist University
  • Irish University Business School
  • Novus University (USA)
  • Canadian School of Finance and Management (Postgraduate Diploma in Management Accounting)
  • American College of Computer & Information Sciences
  • American International University
  • American Management University
  • Al Arab University
  • Universidad Empresarial de Costa Rica

[Please see Australian Education Credentials Standards Agency for a full list of unaccredited universities]

Which Universities and other providers conduct subjects accredited by ICMA in the CMA Program?2022-08-03T11:37:03+10:00

These universities are as listed in the recognized providers section.

Is there a membership category for those who don’t have an accredited degree or approved professional qualification, but still interested in managerial accounting?2022-08-03T11:37:11+10:00

Due to overwhelming interest in managerial accounting in recent times, there are many individuals who may not have formal qualifications in managerial accounting, but either practice as such, or wish to have an interest in the field.

As such, the Institute has a new membership category for such individuals, Management Accounting Affiliate with the use of the post-nominals MAA, with open entry for those with either 2 years supervisory managerial experience or 3 years of running one’s own business. This category of members would be required to undertake an approved continuing professional development (CPD) program within 2-years of being granted such membership.

The membership benefits include the use of the post-nominal MAA, access to the members’ section of the website, MAF research monographs and 6 issues of the On Target Newsletter.

Is the AIPA, MIPA or FIPA Qualifications of the IPA (Australia) recognised as an accounting degree equivalent qualification by ICMA?2022-08-03T11:37:23+10:00

As a member of the Institute of Public Accountants, Australia, you may have an accounting degree. If so, your accounting degree alone fulfills the minimum entry requirements* to undertake the CMA program. If however, you have obtained your PNA under a “grandfather” clause without an accounting degree, then you would need to undertake the 4 GMA conversion program subjects for GMA and AMA status, and the two CMA subjects for CMA status.

*Prospective students may be required to undertake further studies and/or assessments by Recognised Provider Institutions (RPI) in different regions prior to undertaking the CMA program.

Do I have to sit exams to become a CMA?2022-08-03T11:37:35+10:00

Membership of ICMA is awarded based on multiple criteria at the sole discretion of the membership committee of ICMA. For more details please see link.

Certified Management Accountant (CMA) grade membership is usually awarded after candidates follow the 2-subject ‘CMA certification program’ with a required attendance record, and successfully complete all examinations and other assessments required. In such cases, a Membership Certificate AND a transcript showing the assessments grades obtained in the subjects is issued to the candidate by ICMA.

If you are a qualified accountant and have over 20-years relevant experience you be exempted from having to sit for exams (under ICMA’s 20-year rule) if you attend and follow the CMA course via face-to-face mode or via Zoom. Those having between 10-20 relevant experience have a choice of sitting the 2-paper exams OR writing 2,000-word assignment(s). Those undertaking the program via face-to-face or Zoom and having 10-20 relevant experience need to write only one assignmemts covering both subjects. Those undertaking the program in Online or in Distance Education mode, must do two assignments (one for each subject) irrespective of the years of experience.

Those undertaking the program in Online or in Distance Education mode must submit their assignments only after 3-months of enrolling in the CMA course, and within 6 months of enrolling. For those undertaking the program via face-to-face or Zoom, there is a one-month study period after attending the course before participants are allowed to submit assignments or sit for exams. Assignments must be submitted within 3-months of completion of program. Deferment of the assessment is permitted up to a maximum of 2-years from completing the CMA Course, if the student has been prevented from completing an assessment through illness or exceptional circumstances.

In special circumstances CMA membership is granted to senior executives and or academics without any assessments. In such cases, ONLY a Membership Certificate is issued. Trascripts are only issued to those undertaking assessments.

Sometimes, those who have obtained CMA membership (without assessments) request a transcript for purposes of further studies or due to a request from their employers. In such cases they would need to undertake the 2-subject ‘CMA certification program’ and successfully complete all assessments. In such cases, please contact [email protected] to be directed to where best to do the CMA program.

Where do the Courses run?2022-08-03T11:37:43+10:00

Courses run in Universities (as university subjects in Masters degree programs) and via ICMA accredited Recognised Provider Institutions.

Courses have run in Australia, New Zealand, Singapore, HK, Indonesia, Malaysia, Papua New Guinea, India, Dubai, Hong Kong, The Philippines, Lebanon, China, Bangladesh, Cambodia, Nepal, Vietnam, Cyprus and Sri Lanka. Details are posted on CMA Events page.

Can I do the CMA program by Online or Distance Education?2022-08-03T11:37:52+10:00

The following providers run the CMA subjects via the internet.

If I don’t have an accounting degree, can I still become a CMA?2022-08-03T11:38:00+10:00

Those with degrees in fields other than accounting need to do four prerequisite (conversion) subjects, before they do the above two, i.e.:

  • Financial Modelling (Accounting with Excel modelling)
  • Financial Management
  • Management Accounting
  • Financial Statement Analysis

Completion of these four subjects will give you Graduate Management Accountant (GMA) status, and if you have three years relevant experience, Associate Management Accountant (AMA) status.

Information about undertaking the above four courses online can be obtained from the Wharton Institute of Technology and Science (The Global Business School).

If I have an MBA (but don’t have an accounting degree), can I still become a CMA?2023-11-30T23:51:16+11:00

Those who undertake traditional MBAs (12 subjects or more) have to undertake “financial and management accounting” and “corporate finance” subjects as part of their core subjects in the MBA. Such MBA graduates will be eligible to undertake the two CMA program subjects in order to obtain their CMA qualification. These subjects are:

  • Strategic Cost Management
  • Strategic Business Analysis

Those with MBA (specialization) degrees or those with Executive type MBAs (8 subjects or less) may not cover the “financial and management accounting” and “corporate finance” subjects in adequate depth. Indeed, some MBAs do not cover any accounting or finance subjects in the curriculum. Those with such MBAs will need to do up to four pre-requisite (conversion) subjects, depending on the depth of knowledge covered in accounting and finance in their MBA, before they do the two CMA subjects. These subjects are:

  • Financial Modelling (financial and management accounting with Excel modelling)
  • Financial Management
  • Management Accounting
  • Financial Statement Analysis

Some MBA graduates may have taken one or more of these subjects as electives. Evidence of completion of the following four subjects (via your MBA or via an ICMA Educational provider) will give you Certified Management Accountant (CMA) status, provided you have five years of relevant experience.

  • Financial Modelling (financial and management accounting with Excel modelling), and
  • Financial Management
  • Strategic Cost Management
  • Strategic Business Analysis

Information about undertaking the above four courses online can be obtained from the Wharton Institute of Technology and Science (The Global Business School).

If I am a part qualified accountant, can I still become a CMA?2022-08-03T11:38:27+10:00

Those who are part qualified students of recognised professional bodies (such as those only needing to do the final stage of CIMA or ACCA) need to do four prerequisite (conversion) subjects, before they do the above two, i.e.:

  • Financial Modelling (Accounting with Excel modelling)
  • Financial Management
  • Management Accounting
  • Financial Statement Analysis

Information about undertaking the above four courses online can be obtained from the Wharton Institute of Technology and Science (The Global Business School).

Completion of these four subjects will give you Graduate Management Accountant (GMA) status, and if you have three years relevant experience, Associate Management Accountant (AMA) status.

Those who have less than the one but the final stage in a recognised professional exam, will need to contact the Recognised Provider Institution in their countries to determine which extra subjects from the Graduate program they would need to undertake.

If I have an Australian TAFE Advanced Diploma, can I still become a CMA?2022-08-03T11:38:36+10:00

Those holders of Australian TAFE Advanced Diplomas in Accounting need to do the GMA conversion subjects, before they do the above two, i.e.:

GMA Stage 4 :

  • Financial Modelling (Accounting with Excel modelling)
  • Financial Management
  • Management Accounting
  • Financial Statement Analysis

Completion of these four subjects will give you Graduate Management Accountant (GMA) status, and if you have three years relevant experience, Associate Management Accountant (AMA) status.

Information about undertaking the above four courses online can be obtained from the Wharton Institute of Technology and Science (The Global Business School).

Will I get University Credit for the subjects I do with ICMA in an MBA Program?2022-08-03T11:38:48+10:00

Most Australian and overseas MBA programs do the following two subjects as part of their core :

  • Accounting [i.e. Financial Modelling (Accounting with Excel modelling)]
  • Corporate Finance [i.e. Financial Management]

In most circumstances only two further electives are required for a non-accounting degree holder to complete the CMA program subjects. Thus a non-accountant can get an MBA, CMA by doing two electives, in addition to their two core MBA units, as follows:

  • Strategic Cost Management
  • Strategic Business Analysis

If you have completed the CMA program by examination, then most MBA programs will give between 2-4 credit exemptions in the MBA. For this reason it has been extremely popular since 1997, and over 400 masters degree students in Australia, Singapore, HK, Indonesia, Malaysia and Sri Lanka have taken advantage of this stream to obtain the CMA certification along with their Masters degree.

The ICMA has recently sponsored the setting-up of Calwest University in Northridge, California, USA; specifically for CMA members to read for an MBA. CMA members get 8 out 12 courses exempted, and must do only 4 further courses for their MBA.

For those interested see Calwest MBA.

Is the CMA qualification recognised for immigration into Australia?2024-01-30T01:07:54+11:00

The ICMA was not formed as a body for members to apply for immigration to Australia. Instead, it was set up for already qualified accountants (CAs, CPAs, CIMA, ACCA etc.) to obtain post-graduate level specialisation in managerial accounting.

Also, ICMA does not get involved in skilled migration to Australia or New Zealand, as it is against such countries poaching valuable professional assets from countries that need these skills.

As such, the institute does not enter into correspondence as to if CMA is a recognised qualification for purposes of migration requirements to Australia. It is aware, however, that some CMAs have obtained migration to Australia on a case-by-case basis.

The Australian government has appointed three migration assessment authorities for the accounting profession. The ICMA has had extensive correspondence with one of the bodies, Chartered Accountants of Australia and New Zealand (CAANZ) and has been assured in writing that any CMA with a degree accounting will be eligible to apply for migration assessment via CAANZ.

Please note that the ICMA’s Certified Management Accountant (CMA) credential has been assessed for equivalency on the New Zealand Qualifications Framework (NZQF) at the Level 9 (Master’s Degree) by the New Zealand Qualifications Authority (NZQA). Please refer to this when submitting your migration assessment application to CAANZ.

Where can I get more information?2022-08-03T11:39:05+10:00

ICMA provides all information on its website, www.cmaaustralia.edu.au. If you have any other queries, you can direct your questions to our Executive Director at [email protected], who will in turn forward your email to the relevant section/person.

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