1-What differentiates a CMA from a CPA?
A Certified Management Accountant is part of the management team, focusing on business strategy and strategic decision-making. A CMA understands the business formula for delivering value to the customer, arriving at strategies for identifying, developing, marketing and evaluating a product or service throughout the entire life cycle. He or she assesses the competitive environment and ascertains whether there is a sustainable competitive advantage. Unlike a CPA, which emphasize financial reporting, auditing, theoretical applications and after-the-fact verification, the CMA looks to the future to provide real-world strategic direction, business management and leadership. A CMA creates value, instead of just measuring it.

2-Is ICMA (Australia) linked to other accounting bodies?
The Institute of Certified Management Accountants (Australia) was set up with the assistance of the Institute of Management Accountants (USA)-IMA in 1996. It is, however, 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 IMA journal 'Strategic Finance' (formerly Management Accounting) is distributed to all ICMA members. The ICMA's research journal, the 'Journal of Applied Accounting Research' is co-edited by Prof Garry Marchant of the University of Melbourne and Professor Janek Ratnatunga of Monash University.

It is not linked to any other professional body like CIMA (UK), ACCA (UK) etc.

3-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 National Institute of Accountants-NIA (operating 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 very specialized 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.

4-How recognized 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)’ and ‘Management Accounting Affiliate (MAA)’ membership categories.

True “recognition” is, however, only earned in the market. As a new body, having just over 2,000 members (with 650 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.

5-If I have a recognized accounting qualification such as CPA, do I still have to become a GMA or AMA first?
No, you may wish to undertake the CMA Program as a student, and upon completion, apply for CMA membership directly if you have over 5 years relevant experience.

6-How do I qualify 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.

7-What do you mean by “recognized” accounting qualification?
A recognised accounting qualification is either:

A. An undergraduate degree with an accounting specialization (at least 25% of the degree must be accounting and finance subjects) from an “accredited” university, or

B. 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.

C. Those holding membership of the following accounting professional bodies HAVE been recognised in the past by the ICMA as having a recognised accounting qualification.

• CMA Certification of the Institute of Management Accountants (USA)
• All Chartered Accounting bodies worldwide
• AICPA (USA)
• CPA Australia
• LACPA (Lebanon)
• MIA (Malaysia)
• MICPA (Malaysia)
• ICPAS (Singapore)
• ICWA (India)
• ICMA (Pakistan)
• CIMA (UK)
• CACA (UK)
• ICSA (UK)
• CGA (Canada)
• SMA (Canada)
• CPAC (China)

D. 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.

• Association of International Accountants (UK)
• Association of Cost and Executive Accountants (UK)
• Society of Certified Management Accountants (Sri Lanka)
• Associate of the Institute of Co-operative and Management Accountants, (Malaysia).
• CPA Ireland
• 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
• Association of Financial Planners (UK)
• Chartered Business Administrator (USA)
• Chartered Business Administrator (Canada)
• Institute of Professional Financial Managers

8-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 recognized in the past by the ICMA as having a recognized university degree.

Pacific Western University (USA), Columbia Pacific University (USA), American University of Asia (Sri Lanka), European University of Ireland, Fairfax University (USA), Clayton University (USA), Newport University (USA), International University (USA), Rushmore University (USA), Somerset University (UK), Washington International University (USA).

Please see www.unidegree.com (under "Accreditation") for a full list of unaccredited universities.

9-Which Universities and other providers conduct subjects accredited by ICMA in the CMA Program?

• Wharton Institute of Technology and Science (WITS), Australia
• The Institute of Chartered Accountants in Sri Lanka (ICASL), Sri Lanka
• IPMI (Indonesian Institute for Management Development), Indonesia
• Telekom Training College, Malaysia
• University of Utara Malaysia, Malaysia
• School of Professional and Continuing Education, University of Hong Kong, Hong Kong
• HBS for training and cetification, Lebanon email: hbs@cmamena.com
• First Canvas Training Ventures Pvt. Ltd. www.firstcanvas.com
• A&B International, China: abinternational@bigpond.com
• Graduate School of Management, Papua New Guinea,johncoliga@daltron.com.pg
• Business Sense, Inc., Philippineswww.businesssense.com.ph  

10-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 annual fees are: A$ 77.00 per annum (this includes the use of the post-nominal MAA, access to website, research monographs, 6 issues of the On Target Newsletter and the monthly Journal (currently Strategic Finance)

11-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.

12-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, Macau, China, Sri Lanka, India,Philippines, Lebanon and now UAE.

13-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 (GMA conversion) subjects, before they do the above two, i.e.:

A. Financial Modelling (Accounting with Excel modelling)
B. Financial Management
C. Management Accounting
D. 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.

14-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.:

A. Financial Modelling (Accounting with Excel modelling)
B. Financial Management
C. Management Accounting
D. 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. 

15-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.:

A. Financial Modelling (Accounting with Excel modelling)
B. Financial Management
C. Management Accounting
D. 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.

16-Will I get University Credit for the subjects I do with ICMA?
Most Australian and overseas MBA programs do the following two subjects as part of their core:

A. Financial Modelling (Accounting with Excel modelling)
B. Financial Management

This really means only two further electives are required for a non-accounting degree holder to finish the "conversion program" before going on to do the two CMA program subjects. Thus a non-accountant can get an MBA, CMA by doing four electives, in addition to their core MBA units, as follows:

A. Management Accounting
B. Financial Statement Analysis
C. Advanced Management Accounting
D. Advanced Strategic Management Accounting

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.

17-Is the CMA qualification recognized for immigration into Australia?
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.