Are you a CGMA?
The Chartered Global Management Accountant (CGMA) designation by the AICPA is recognition of the unique management accounting skills of today's finance and accounting professionals serving organizations in business and industry, government, and non-profit sectors.
Since its inception, qualifying CPAs in the U.S. (members of AICPA and state CPA societies) have been able to obtain this designation with three years of qualifying experience. That will no longer be sufficient after Jan. 1, 2015, when the new CGMA examination will be in effect. Knowing how much we all like exams, here are details on how to get in before Jan. 1. if you miss the deadline, here is the latest information and FAQs about the examination.
As a member of the AICPA and MACPA, you can get this designation and the benefits for only $100 (saving $50 as a MACPA member). I got mine as soon as it came out and have found the CGMA blog and members-only areas of the CGMA.org website to be great resources on the key management areas with which today's CEOs, CFOs, and management accountants are faced.
I still recall a study that showed the average business and industry CPA spends less than 20 percent on traditional accounting and financial reporting topics. The rest is spent on strategy, IT, HR, forecasting, business model innovation, performance management, and other critical areas of the business. That is where the CGMA comes in.
Below is a brief slideshare of the new CGMA competency framework which we have related to our Bounce career model from the Business Learning Institute. You will see how the CGMA framework follows a career trajectory around four key areas:
- Technical skills − application of accounting and finance skills.
- Business skills − in the context of the business.
- People skills − to influence people.
- Leadership skills − and lead within the organization.
These areas reflect the broad and strategic role of today's management accounting / finance professional. CGMA Competency Framework for CPAs and Finance / Accounting Professionals from Tom Hood
Our Bounce framework maps nicely to this progression as we see three main stages of the career trajectory:
- Leading yourself − applying the core technical skills and learning personal mastery skills like time management, prioritization, communication and collaboration.
- Leading others − learning project management , supervision, coaching and communication skills for leading teams and working across boundaries.
- Leading the organization − higher level leadership, strategic thinking, collaboration and synthesis, innovation and more.
The bounce happens when you shift the focus from individual and technical to leader and leadership. The best organizations are approaching this in a strategic and systematic way to create a career path for their talent. This increases engagement and retention and is the No. 1 benefit Gen Y is looking for in their employers.
Our Custom Learning Team at our Business Learning Institute has developed curriculums for organizations based on the CGMA framework and customized to fit the specific strategic goals of the organizations with which we work. Let us know if we can help you.
If you are thinking about becoming a CGMA, take our advice and do it before Jan. 1, 2015!
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