Page 128 - Encyclopedia of Business and Finance

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Change Process

areas that are critical to the decision-making process. The • Employment: Candidates must complete two con-
CMA and CFM certifications, introduced by the Institute tinuous years of professional experience in manage-
of Management Accountants (IMA) in 1972 and 1996, ment accounting and/or financial management.
respectively, have global recognition and have received the Qualifying experience consists of positions requiring
endorsement of approximately 200 corporate and aca- judgments regularly made employing the principles
demic organizations. of management accounting and financial manage-
The CMA and CFM Programs have four objectives: ment. This experience may be completed prior to or
within seven years of passing the examination.
• To establish management accounting and financial • Character references: The names of two character
management as recognized professions by identify-
references must be submitted at the time of applica-
ing the role of the professional, the underlying body
of knowledge, and a course of study by which such tion.
knowledge is acquired • Ethics: Candidates for certification must agree to
comply with the Standards of Ethical Conduct for
• To encourage higher educational standards in the
management accounting and financial management Practitioners of Management Accounting and
Financial Management.
fields
• Membership: Candidates for certification must be a
• To establish an objective measure of an individual’s
member of the IMA because the certification pro-
knowledge and competence in the fields of manage-
grams are a privilege of membership.
ment accounting and financial management
• To encourage continued professional development The CMA and CFM programs have been designed to
meet the evolving needs of business and are focused on the
The content of the certification examinations repre- dynamic roles that management accountants and financial
sents the knowledge, skills, and abilities required by busi- managers play in business, public, and government
ness professionals in the fields of management accounting accounting. Certified professionals are more frequently
and financial management. The content is validated peri- identified for promotion and have greater earning poten-
odically by a practice analysis conducted by the IMA. The tial than those professionals who are not certified. To
content, covered in four examination parts for each pro- gather more information or to join the CMA/CFM pro-
gram, encompasses:
grams, visit the IMA Web site at www.imanet.org or call
(800)638-4427 for a certification information booklet.
• Economics, finance, and management
• Financial accounting and reporting (CMA) or cor-
porate financial management (CFM) Priscilla Payne
• Management reporting, analysis, and behavioral
issues
• Decision analysis and information systems CERTIFIED PUBLIC

The Financial Accounting and Reporting Exam is ACCOUNTANT
waived, upon request, for individuals who have passed the SEE Uniform Certified Public Accountant Examination
U.S. CPA Exam; this is not the case, however, for the Cor-
porate Financial Management Exam.
Candidates for certification must meet the following
criteria to become a CMA or CFM: CHAIN OF COMMAND
SEE Organizational Structure
• Education: Candidates must hold a baccalaureate
degree, in any area, from an accredited college or
university. Students attending accredited U.S. uni-
versities may take the examinations but must satisfy
the education requirement prior to certification. CHANGE PROCESS
Degrees from institutions outside the United States Companies that are able to compete successfully in today’s
must be evaluated by an independent agency. The rapidly changing business environment, which is charac-
education requirement may also be satisfied by terized by globalization of the economy, exploding infor-
holding a CPA license to practice or other compara- mation technology, downsizing, restructuring, and new
ble professional qualification. employer-employee relationships, must be ready to make

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