If you are asking yourself, “What is a Chartered Global Management Accountant? Why is that title different from that of a regular accountant?” then you may be surprised to find out that this is not just some presumptuous job description. A Chartered Global Management Accountant is a person who has worked hard to pass tests to earn that title. It is a very recent phenomenon, but the appeal of a globally-qualified accountant has piqued the interest of companies around the world.
History of the Title
The designation, Chartered Global Management Accountant, came into being due to the collaborative efforts of the American Institute of Certified Public Accountants (AICPA) and the UK-based Chartered Institute of Management Accountants (CIMA). The councils of the two governing bodies came together to develop a globally recognized title for management accountants. Those who hope to become chartered global management accountants must have earned at least a Bachelor’s degree in Accounting, as well as hold the title of Certified Public Accountant (CPA) or the CIMA equivalent, known as the Associate Chartered Management Accountant (ACMA). Exams are required in order to put the applicant on the career track towards the title of CGMA. They must then have one to three years of work experience, ideally with some or all of it taking place in a management position.
Starting in 2015, applicants will have to pass a new case study examination in order to qualify for the title of Chartered Global Management Accountant. This is meant to streamline the process and reconcile the differences between the American and international qualification tracks for the CGMA programs, which until now have had very different requirements.
What They Do
Chartered Global Management Accountants are often part of a major company’s finance department, but they can also apply their skills to other management positions. Some might choose to work as board directors, chairmen or CEOs if their talents are needed in this area. For those who are still confused, it helps to think of the CGMA designation as the equivalent of a Global MBA or advanced business degree offered by a prestigious university. The jobs that these accountants then apply for are at the same level of management as those applicants who have earned an MBA or a graduate degree in finance.
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Becoming a Chartered Global Management Accountant: Becoming Part of a Global Standard of Quality
By creating this globally recognized standard for accountants, AICPA and CIMA have done a great service to the field of accounting. Hundreds of thousands of accountants can now work towards adding CGMA to their professional titles and can reap all of the benefits and exciting work that come along with it. However, if you are still asking “what is a Chartered Global Management Accountant?” then you simply need to remember that they are accountants who have earned an internationally recognized designation in their field, and that their work is held to the highest of standards.