Charter Member

IMAC

FAQ

 

These are our responses to the MOST FREQUENTLY ASKED QUESTIONS regarding ICMA.

  1. Is ICMA (Australia) linked to other accounting bodies?
  2. What are the other professional accounting bodies in Australia?
  3. How recognised is the ICMA?
  4. Tell me more about the Grades of Membership?
  5. If I have a recognised accounting qualification, do I still have to become a GMA or AMA first?
  6. Do I have the relevant experience?
  7. How do I qualify to become a CMA?
  8. What do you mean by “recognised” accounting qualification?
  9. What do you mean by an “accredited” university?
  10. Which Universities and other providers conduct subjects accredited by ICMA in the CMA Program?
  11. Is there a membership category for those who don’t have an accredited degree or approved professional qualification, but still interested in managerial accounting?
  12. Are the Qualification of the IPA recognised as an accounting degree equivalent qualification by ICMA?
  13. Do I have to sit exams to become a CMA?
  14. Where do the Courses run?
  15. Can I do the CMA program by Distant Education?
  16. If I don’t have an accounting degree, can I still become a CMA?
  17. If I have an MBA (but don’t have an accounting degree), can I still become a CMA?
  18. If I am a part qualified accountant, can I still become a CMA?
  19. If I have an Australian TAFE Advanced Diploma, can I still become a CMA?
  20. Will I get University Credit for the subjects I do with ICMA?
  21. Is the CMA qualification recognised for immigration into Australia?
  22. Where can I get more information?

1. Is ICMA (Australia) linked to other accounting bodies or to IFAC?

The Institute of Certified Management Accountants (Australia) 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 Institute distributes the world-class "On Target”, published by the ICMA to all its members. The ICMA's research journal, the 'Journal of Applied Accounting Research (JAMAR)' is co-edited by Prof Garry Marchant of Bond University and Professor Janek Ratnatunga of the University of South Australia.

It is not linked to any other professional body like IMA (USA), CIMA (UK), SMA (Canada), etc.

ICMA members have overwhelmingly voted not to apply for membership of the International Federation of Accountants (IFAC), after that body closed its management accounting section. IFAC is now primarily a body for the financial accounting profession.

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2. What are the other professional accounting bodies in Australia?

The Institute of Chartered Accountants of Australia (ICAA) and CPA Australia are the two large accounting bodies in Australia. There are two smaller bodies, the Institute of Public Accountants (formerly the National Institute of Accountants)-IPA(that was operating previously at the Diploma/'Accounting Technician' level) and the Institute of Certified Management Accountants-ICMA (operating at the Masters degree 'Accounting Specialist' level).

The education programs of the ICMA 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 masters degree programs such as the MBA and Master of Professional Accounting programs. As such, whilst the NIA originated as a professional body for those holding Technical College Advanced Diplomas, and the Chartered and CPA qualifications are for undergraduate degree holders, the ICMA is a specialised body at the post-graduate end of the profession. In fact, most members have masters’ degrees or are already qualified as a CA or CPA, and must have at least 5 years relevant professional experience.

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3. How recognised is the ICMA?

The ICMA is registered under the Associations Incorporations Act 1981 (Vic.) with members entitled under its Rules to use the post-nominals ‘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 second decade of operations), having just over 2,500 members (with over 1,500 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. Its CMA education program now runs within a number of Masters Degree programmes in numerous Australian and overseas universities.

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4. Tell me more about the Grades of Membership?
All information on Membership is available from the Membership section at www.cmawebline.org

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5. If I have a recognised accounting qualification, do I still have to become a GMA or AMA first?
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.

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6. Do I have the relevant experience?
All information on relevant experience is available from the Membership section

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7. How do I qualify to become a CMA?

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

  • Strategic Cost Management
  • Strategic Business Analysis

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8. What do you mean by “recognised” accounting qualification?

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)
  • ICWA (India)
  • ICMA (Pakistan)
  • ICMA (Bangladesh)
  • CIMA (UK)
  • CACA (UK)
  • ICSA (UK)
  • CGA (Canada)
  • SMA (Canada)
  • CPA (Philippines)
  • 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.

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9. What do you mean by an “accredited” university?
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)
  • 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)
  • 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

[Please see http://unidegree.com/accreditation.html for a full list of unaccredited universities]

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10. Which Universities and other providers conduct subjects accredited by ICMA in the CMA Program?

These universities are as listed in the recognized providers section.

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11. Is there a membership category for those who don’t have an accredited degree or approved professional qualification, but still interested in managerial accounting?
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 website, research monographs, 6 issues of the On Target Newsletter and the monthly Journal (currently the Australian CFO magazine).

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12. Is the AIPA, MIPA or FIPA Qualifications of the IPA (Australia) recognised as an accounting degree equivalent qualification by ICMA?
As a member of the l Institute of Public Accountants, Australia, you may have an accounting degree. If so, you only need to do the 2 CMA subjects. 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.

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13. Do I have to sit exams to become a CMA?
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). However you still have to attend and follow the CMA course and do the assessments within it when it runs, even though you then do not then have to sit the exams. Those having between 10-20 relevant experience have a choice of sitting the 2-paper exams OR writing a 2,000 word assignment. They too have to attend and follow the CMA course and do the assessments within it when it runs.

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14. Where do the Courses run?

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

Courses run in Australia, Singapore, HK, Indonesia, Malaysia, Papua New Guinea, , India, Dubai, Hong Kong, The Philippines, Lebanon, China and Sri Lanka. Details are posted onwww.cmawebline.org.

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15. Can I do the CMA program by Distant Education?

The following providers run the CMA subjects via the internet.

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16. If I don’t have an accounting degree, can I still become a CMA?
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.

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17. If I have an MBA (but don’t have an accounting degree), can I still become a CMA?

Most MBAs have to undertake “financial and management accounting” and “corporate finance” subjects as part of their core subjects in the MBA. As such, most 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 very specialised MBA degrees that may not cover the “financial and management accounting” and “corporate finance” subjects (and whose first degree is in a field other than accounting) will need to do two prerequisite (conversion) subjects, before they do the two CMA subjects. These subjects are:

  • Financial Modelling (financial and management accounting with Excel modelling), and
  • Financial Management

Some MBA graduates may have done one or both of these 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 relevant experience.

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

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18. If I am a part qualified accountant, can I still become a CMA?
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

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.

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19. If I have an Australian TAFE Advanced Diploma, can I still become a CMA?
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 eight subjects will give you Graduate Management Accountant (GMA) status, and if you have three years relevant experience, Associate Management Accountant (AMA) status.

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20. Will I get University Credit for the subjects I do with ICMA in an MBA Program?

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.

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21. Is the CMA qualification recognised for immigration into Australia?

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. 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.

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22. Where can I get more information?

ICMA provides all information on its website, www.cmawebline.org. If you have any other queries, you can direct your questions to our Executive Director at  This e-mail address is being protected from spambots. You need JavaScript enabled to view it , who will in turn forward your email to the relevant section/person.

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Navitas

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The CMA and Graduate Conversion Programs are now available via Navitas in Australian Capital cities. [More]

WITS Global Business School

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The CMA and Graduate Conversion Programs are now available online via the WITS Global Business School.[More]

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Email: info@cmawebline.org
Phone: +61 3 85550358
Fax: +61 3 85550387