CFM certification will not be available soon
The ICMA Board of Regents tells that the CFM program will no longer be offered as of Dec 31, 2007 because of the inability "to find a sustained audience." They plan to focus on the CMA certification. "This new focus will enhance the value of the CMA." said Dennis Whitney, vice president-ICMA, CMA/CFM.
The CFM certification program was established approximately 10 years ago, and more than 4,100 management accounting professionals have earned the CFM designation. The ICMA and its parent, the Institute of Management Accountants (IMA®), will continue to support all CFM holders with appropriate member services, recognition of the CFM achievement, and the maintenance of certification records.
"This was a difficult decision for the Board, but we believe that the benefits to be gained by focusing solely on the enhancement of the CMA program will, in the long run, make the decision worthwhile. We again congratulate those who have earned the CFM and assure them of our continuing support." said John Brausch, chair, ICMA Board of Regents, CMA/CFM.
Those who are currently CMAs and those who are currently enrolled in the CFM program, will continue to have the opportunity to take the CFM examination until December 31, 2007. New enrollees who are not yet CMAs will be accepted into the CFM program until December 31, 2006 and will also have until the end of 2007 to take the CFM examination.
Read Frequently Asked Questions (.pdf) about these changes here.
Posted by mazoo at 11:35 PM | Comments (1)
February 3, 2006
CMA or CPA
I just received a link (Thanks, Denis Proskurin) to the small article about difference between CMA and CPA credentials “CPA or CMA?” by Dona DeZube. The key questions are:
What Do You Want to Do?
"If you want exposure to many industries and public auditing skills, CPA is the way to go"
"If you want to hang your hat in the same office every day and make a difference with one company, the CPA is good, but the CMA is extremely relevant."
Are You Qualified?
What’s the Pay Differential?
Will You Be Competitive?
What Are Less-Obvious Advantages?
Then, you can take a small quiz “CPA, CMA or MBA? Which Credential Is Right for You?” and read the similar article “CPA or MBA?” by the same author.
Posted by mazoo at 12:09 PM | Comments (5)
August 20, 2005
Do you know who is a CMA?
As was mentioned earlier, IMA (Institute of Management Accountant) provides the certification in the management accounting profession. The question about the value of CMA certification always sparked lively discussions among IMA members. A lot of members think that IMA doesn’t pay sufficient attention to the promotion of profession and the improving the value of certified specialists among US employers. As a consequence, many CMAs (Certified Management Accountants) experience difficulty in their job searches, because employers don’t know what CMA certification is.
[...]
It seems that IMA decides to change this situation. Good and promising news have appeared on the main page of the official IMA site:
Paul Sharman, President and CEO, discusses the current state of the accountancy profession in the U.S. and IMA's strategic initiatives aimed at rebalancing and advancing the profession. IMA is dedicated to rebalancing the accountancy profession by educating society regarding the business building role of management accountants and finance professionals working inside organizations. These "inside" professionals drive business performance through value-adding activities that include designing, implementing, and managing effective decision support, planning and control mechanisms that impact all strategic areas of the organization.well, we'll see :-)
UPD: the part of this post was deleted on the request
Posted by mazoo at 8:35 PM | Comments (22)
July 14, 2005
What is management accounting?
1. What is a CMA?
2. Why did you choose getting the CMA over the CPA?
These questions often arise during job interviews. Below you can find excellent explanation of the differences between the CMA and the CPA from Steve Colton:
My undergraduate days were spent at Iowa State University which had, and still has, a highly regarded College of Engineering. Many of my friends were engineering students and knowing them made me keenly aware of the many different flavors of engineering that existed. Some of my friends were civil engineers; others electrical engineers and still others mechanical engineers, chemical engineers and so on. While freshmen, all shared a common curriculum, but as upperclassmen, they branched off into the specialized studies that gave each engineering discipline its uniqueness.In much the same fashion, the field of accounting has underlying specialties built upon a common foundation. At the highest-level, the field of accounting is subdivided into two specialties: financial accounting and management accounting.
Financial accounting is concerned with in providing information about a company's operations to parties external to the company such as the IRS, bankers, suppliers, creditors and shareholders. A primary focus is on standardized reporting and achieving compliance with applicable regulations. Management accounting is concerned with providing financial information about a company¹s operations to its internal managers. The focus is on developing relevant and timely information that helps internal managers resolve the problems and make the decisions that arise on a day-to-day basis.A Certified Public Accountant (CPA) is the industry-acknowledged expert in financial accounting. There are both internal and external financial accounting roles mandated by law and regulation. Consequently CPAs are employed both inside and outside of organizations. In general, a public accounting firm is composed of CPAs who perform the external tasks (such as audit and attest) in the financial reporting process.
A Certified Management Accountant (CMA) is the industry-acknowledged expert in the practice of management accounting. CMAs are most frequently employed within an organization. Management accounting firms, such as Accounting Insights, provide management accounting services to companies that, for one reason or another, do not have the expertise internally.
Steve Colton
Accounting Insights
Management Accounting & Business Economics
Posted by mazoo at 4:56 PM | Comments (0)
July 12, 2005
CMA, CPA, MBA. What and Why. Part 1
I am going to publish a couple of posts about CMA/CFM certification. You can find many questions about differences between CMA, CPA and MBA degree on the accounting forums. You can find many controversies which degree is the best.
If you want to improve yourself and get finance certification, you should know the answers: "What is your purpose in getting certified?", "What kind of job do you prefer to have?", "How many time do you have?", "What kind of employers do you want to impress?" etc.
Preparation for exams is a hard work, your aims should inspire you, but your expectations should be realistic and practicable unless you want to be disappointed. Job-market is not optimistic for non-certified professionals and for certified professionals too.
Good quote: "Goals should be SMART: Specific, Measurable, Assignable (who does what), Realistic and Time-Related"
Do not overestimate the value of certification and do not think that all doors should open for you. Do not underestimate the value of certification, it helps you find and open the right door.
I am preparing for CMA part 2 and do not have experience to share. However, the information regarding CMA, CPA, and MBA is very interesting for me. That is why I have asked the permission from several top-level professionals to publish their opinions about differences in these financial certifications and job opportunities for certified professionals. I hope this information will be helpful not only for me.
In conclusion of this preliminary article, I would like to quote Larry White, the IMA Chair, CMA, CFM, CPA, CGFM:
"I tell all accounting students and professionals that certifications are a must. When you're searching for a job or when you're seeking to improve your career, you want to have discussions about what you can strategically contribute to an organization you want to work for. Certifications help get you past the discussion of technical qualifications and allow you to talk more about what makes you unique. Getting a certification at any point in your career shows that you are an energized professional, you are improving yourself, and you are interested in and committed to ongoing professional improvement."
It is late. We will continue this theme tomorrow.
UPD 07/13/05: No, tomorrow :-)
Posted by mazoo at 11:54 PM | Comments (3)