Since the professional management accounting certification started being issued in January 2012 through the American Institute of Certified Public Accountants (AICPA), an increasing number of accounting students have wanted to become a Chartered Global Management Accountant (CGMA). As advanced credentials, the CGMA letters after your name will add power to your resume by demonstrating to employers that you have strong business acumen, experience, ethics, commitment, and skills. In addition, becoming a CGMA will connect you with a global community of other management accountants to share practices, create innovation, conduct research, and better prepare you for global challenges. If you want to be on the forefront of your profession for a solid competitive edge in today’s global marketplace, the following is a step-by-step guide on how to become a Chartered Global Management Accountant, according to the Chartered Global Management Accountant website.
1. Earn an Accredited Master’s Degree in Accounting
After completing a bachelor’s degree from an accredited institution with a major in accounting, business, finance, or any other related program of study, you will need to further your education to the master’s level. Although requirements for becoming a Certified Public Accountant (CPA) tend to vary slightly from state to state, the majority of states now require candidates to have at least 150 semester hours of post-secondary education. Whether completed traditionally on-campus or online from the comfort of home, a master’s degree in accounting will help to rack up the educational hours needed to test for certification as well as provide the opportunity to delve deeper into advanced principles of this ever-changing regulatory field.
2. Gain Experience as a Certified Public Accountant
Once you have reached graduation, your next step is to apply for certification as a Certified Public Accountant (CPA) in your state of residence. You will need to take the 14-hour computer-based Uniform CPA Examination that combines multiple choice questions with case studies to test your knowledge of auditing, attestation, business environment, regulation, financial accounting, and financial reporting. If you receive a passing score of at least 75, you will be garnered the professional credential of CPA. Before moving on to the next step, you will now have to obtain at least three years of significant management accounting work experience for taking part in the management decision-making processes of an organization’s strategy.
3. Pursue Certification as Chartered Global Management Accountant
With the extensive experience in management accounting under your belt, you are now ready to apply for certification as a Chartered Global Management Accountant (CGMA) through the AICPA. At this time, the certification fee for AICPA members is currently just $150. After you have been approved, you will then have to pass a comprehensive strategic case study examination that will evaluate your professional competencies for working in today’s business environment. The CGMA examination has been specifically engineered to test candidates’ readiness in offering insights and making decisions in real-world business scenarios by evaluating your abilities in applying theoretical knowledge.
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Overall, the designation of CGMA is quickly becoming today’s most prominent management accounting credential in the United States with over 37,750 Chief Financial Officers, controllers, and other accounting professionals holding this executive-level credential. In fact, CGMAs are currently leading 91 Fortune 100 companies and 440 Fortune 500 companies worldwide. Following these steps to become a Chartered Global Management Accountant, you can join the masses of professionals who are guiding critical business decisions for strong performance in today’s competitive global market.