The Society of Management Accountants of Canada (French: La Société des comptables en management du Canada), also known as Certified Management Accountants of Canada (French: Comptables en management accrédités du Canada) and CMA Canada, awards the Certified Management Accountant designation in Canada.
Certified Management Accountants of Canada
Abbreviation
CMA Canada
Formation
May 3, 1920; 104 years ago (1920-05-03)
Legal status
Continued under the Canada Not-for-profit Corporations Act[1]
Until September 2015,[2] CMA Canada, through its provincial and territorial affiliates, granted the CMA professional designation in accounting and was responsible for standards-setting, accreditation and the continuing professional development of CMAs.
CMAs applied expertise in accounting, management and strategy to ensure corporate accountability and help organizations maintain a long-term competitive advantage. In that regard, CMA Canada offered executive development programs, online courses, and knowledge management publications.[3]
Management Accounting Guidelines[4] and Management Accounting Practices[5] were published by CMA Canada to specify the best practice on key topics in management accounting. They were available for download free of charge or on CD for a nominal charge to CMAs, and could be purchased by non-members.[6] CPA Canada has taken over the programme, and has issued update guidance for many such matters under its own name,[7] although none of the documents appear to acknowledge their SMAC origins.
From 1953 to 2015, the Society operated a foundation that was dedicated to furthering research in the field of management accounting.[8]
1920 - Incorporation of The Canadian Society of Cost Accountants, with head office in Hamilton, Ontario
1926 - Introduction of Cost and Management, the predecessor of CMA Magazine
1930 - Name changed to The Canadian Society of Cost Accountants and Industrial Engineers
1941 - Formation of provincial societies in Ontario and Quebec, with the power to grant the newly established professional designation of Registered Industrial Accountant ("RIA")
1948 - Name changed to Society of Industrial and Cost Accountants of Canada
1968 - Name changed to The Society of Industrial Accountants of Canada
1977 - Name changed to The Society of Management Accountants of Canada
1985 - Introduction of the professional designation of Certified Management Accountant ("CMA"), with existing RIAs being grandfathered in
2004 - CMA is registered as a trademark by CMA Canada
2006 - Certified Management Accountant is registered as a trademark by CMA Canada
2007 - Incorporation of the CMA Canada Research Foundation
2009 - Introduction of The National Standard for Public Accounting for Certified Management Accountants to govern the affairs of CMAs that have entered into public practice[10]
2014 - Unification of the profession within CPA Canada, with legislative implementation substantially complete as of May 2017.
Competencies, accreditation process and post-qualification developmentedit
CMAs are expected to undergo specific training and practical experience to achieve specified competencies in the area of strategic management accounting, which are intended to prepare them for senior leadership roles in their organizations.[19] There are six functional competencies and four enabling competencies in that regard:
While candidates may come from a variety of backgrounds, the CMA career path is expected to progress in the following manner:[19]
Stage
Phase
Nature
Acquisition
Prior to passage of CMA Entrance Examination
In process of completing undergraduate studies, or 5–7 years thereafter. Already in junior to middle management level in their organization.
Basic Proficiency
Acquisition of the CMA designation and the following five years thereafter
Already in middle management level, and progressively gaining more practical experience and responsibility.
Advanced Proficiency
5–10 years post-qualification
Early- to mid-career professionals, with most having achieved more senior positions within the middle management layer. A significant number hold introductory senior management positions in their area of specialization or in the organization as a whole.
Mastery
10–25 years post-qualification
Late-career professionals, operating in senior management roles. Most are either the highest-ranking financial officers in their organization or financial professionals with specialized knowledge in particular functional areas. A significant proportion of individuals are operating in the desired "C" space - i.e., CEO, CFO, CRO or CIO - and some of these are leaders of large enterprises or significant strategic business units.
CMA candidates (without advanced professional standing) must have obtained a university degree and have credits in a specified list of subjects, before they can write the CMA Entrance Examination.[20] Upon passing this stage, they then enter the Strategic Leadership Programme ("SLP"),[21] which has the following components:[22]
Development Phase
followed by the successful passing of the CMA Case Examination
Application Phase
leading to the successful preparation and presentation of the Board Report, containing detailed analysis and recommendations on a specified case study
Completion of 24 months of relevant full-time progressive practical experience confirmed by the employer - of which at least 12 months must be concurrent with the SLP
Candidates are expected to be expanding their on-the-job responsibilities while undertaking the SLP
Successful passage of the above will result in the granting of the CMA designation. After attaining the designation, there are specified requirements for continuous professional learning and development that must be undertaken to remain in good standing.[23]
^Originally created by the Dominion Association of Chartered Accountants, with membership originally restricted to chartered accountants,[11] in a move designed to prevent the General Accountants Association from moving into the growing field of cost accounting.[12]
^The designation was created once provincial societies began to be formed.[15] Originally known as "Registered Industrial and Cost Accountant" or "RIA" in Ontario[16] and "Licentiate of the Cost and Management Institute" or "LCMI" in Quebec,[17] it was simplified in some, but not all, provinces around 1967.[18]
Referencesedit
^"Federal Corporation Information - 059859-3: The Society of Management Accountants of Canada". ic.gc.ca. Retrieved June 6, 2017.
^"Guidelines for transitioning CMA students". cpacanada.ca. Retrieved June 6, 2017.
^. Archived from the original on October 10, 2014. Retrieved June 6, 2017.
^. Archived from the original on October 17, 2014. Retrieved June 6, 2017.
^. Archived from the original on April 25, 2012. Retrieved June 6, 2017.
^. Archived from the original on October 8, 2014. Retrieved 2011-11-14.
^"Management accounting". cpacanada.ca. Retrieved June 6, 2017.
^"Federal Corporation Information - 042154-5: The Research Foundation of the Society of Management Accountants of Canada". ic.gc.ca. Retrieved June 6, 2017.
^Alan J.Richardson (2002-12-01). "Professional dominance: The relationship between financial accounting and management accounting, 1926-1986". Accounting Historians Journal. Retrieved 2011-11-08.
^. 2009-09-12. Archived from the original on 2012-04-25. Retrieved 2011-11-08.
^"The Canadian Society of Cost Accountants". The Canadian Chartered Accountant. X (1). Toronto: Dominion Association of Chartered Accountants: 31–34. July 1920. Retrieved June 24, 2014.
^J. Nelson Allan (1982). History of the Society of Management Accountants of Canada. Hamilton: Society of Management Accountants of Canada. p. 21. ISBN0-920212-45-X.
Alan J. Richardson (2000). "Building the Canadian Chartered Accountancy Profession: A Biography of George Edwards, FCA, CBE, LLD, 1861-1947". Accounting Historians Journal. 27 (2). Academy of Accounting Historians: 87–116. doi:10.2308/0148-4184.27.2.87. Archived from the original on 2014-06-27.
January 01, 1970
certified, management, accountants, canada, society, management, accountants, canada, french, société, comptables, management, canada, also, known, french, comptables, management, accrédités, canada, canada, awards, certified, management, accountant, designati. The Society of Management Accountants of Canada French La Societe des comptables en management du Canada also known as Certified Management Accountants of Canada French Comptables en management accredites du Canada and CMA Canada awards the Certified Management Accountant designation in Canada Certified Management Accountants of CanadaAbbreviationCMA CanadaFormationMay 3 1920 104 years ago 1920 05 03 Legal statusContinued under the Canada Not for profit Corporations Act 1 HeadquartersToronto Ontario CanadaOfficial languageEnglish French Contents 1 Activities 2 History of the Society 2 1 Timeline 3 Competencies accreditation process and post qualification development 4 Notable members 5 See also 6 Notes 7 References 8 Further readingActivities editUntil September 2015 2 CMA Canada through its provincial and territorial affiliates granted the CMA professional designation in accounting and was responsible for standards setting accreditation and the continuing professional development of CMAs CMAs applied expertise in accounting management and strategy to ensure corporate accountability and help organizations maintain a long term competitive advantage In that regard CMA Canada offered executive development programs online courses and knowledge management publications 3 Management Accounting Guidelines 4 and Management Accounting Practices 5 were published by CMA Canada to specify the best practice on key topics in management accounting They were available for download free of charge or on CD for a nominal charge to CMAs and could be purchased by non members 6 CPA Canada has taken over the programme and has issued update guidance for many such matters under its own name 7 although none of the documents appear to acknowledge their SMAC origins From 1953 to 2015 the Society operated a foundation that was dedicated to furthering research in the field of management accounting 8 History of the Society editThe mission of the Society has closely tracked the evolution from cost accounting to management accounting in Canada and its distinction from financial accounting 9 1920 Incorporation of The Canadian Society of Cost Accountants with head office in Hamilton Ontario 1926 Introduction of Cost and Management the predecessor of CMA Magazine 1930 Name changed to The Canadian Society of Cost Accountants and Industrial Engineers 1941 Formation of provincial societies in Ontario and Quebec with the power to grant the newly established professional designation of Registered Industrial Accountant RIA 1948 Name changed to Society of Industrial and Cost Accountants of Canada 1968 Name changed to The Society of Industrial Accountants of Canada 1977 Name changed to The Society of Management Accountants of Canada 1985 Introduction of the professional designation of Certified Management Accountant CMA with existing RIAs being grandfathered in 2004 CMA is registered as a trademark by CMA Canada 2006 Certified Management Accountant is registered as a trademark by CMA Canada 2007 Incorporation of the CMA Canada Research Foundation 2009 Introduction of The National Standard for Public Accounting for Certified Management Accountants to govern the affairs of CMAs that have entered into public practice 10 2014 Unification of the profession within CPA Canada with legislative implementation substantially complete as of May 2017 Timeline edit formation of CSCA a 1 a creation of CPA in Quebec CSCA split b formation of CPA Canada Introduction of Cost and Management RIA designation superseded by CMA Unification completeCertificate of efficiency 14 13 Registered Industrial Accountant c Certified Management AccountantCPA 1900 1925 1950 1975 2000 2025 Canadian Society of Cost AccountantsCompetencies accreditation process and post qualification development editCMAs are expected to undergo specific training and practical experience to achieve specified competencies in the area of strategic management accounting which are intended to prepare them for senior leadership roles in their organizations 19 There are six functional competencies and four enabling competencies in that regard Functional competencies Strategic management Risk management and governance Performance management Performance measurement Financial management Financial reporting Enabling competencies Problem solving and decision making Leadership and group dynamics Professionalism and ethical behaviour Communication While candidates may come from a variety of backgrounds the CMA career path is expected to progress in the following manner 19 Stage Phase Nature Acquisition Prior to passage of CMA Entrance Examination In process of completing undergraduate studies or 5 7 years thereafter Already in junior to middle management level in their organization Basic Proficiency Acquisition of the CMA designation and the following five years thereafter Already in middle management level and progressively gaining more practical experience and responsibility Advanced Proficiency 5 10 years post qualification Early to mid career professionals with most having achieved more senior positions within the middle management layer A significant number hold introductory senior management positions in their area of specialization or in the organization as a whole Mastery 10 25 years post qualification Late career professionals operating in senior management roles Most are either the highest ranking financial officers in their organization or financial professionals with specialized knowledge in particular functional areas A significant proportion of individuals are operating in the desired C space i e CEO CFO CRO or CIO and some of these are leaders of large enterprises or significant strategic business units CMA candidates without advanced professional standing must have obtained a university degree and have credits in a specified list of subjects before they can write the CMA Entrance Examination 20 Upon passing this stage they then enter the Strategic Leadership Programme SLP 21 which has the following components 22 Development Phase followed by the successful passing of the CMA Case Examination Application Phase leading to the successful preparation and presentation of the Board Report containing detailed analysis and recommendations on a specified case study Completion of 24 months of relevant full time progressive practical experience confirmed by the employer of which at least 12 months must be concurrent with the SLP Candidates are expected to be expanding their on the job responsibilities while undertaking the SLP Successful passage of the above will result in the granting of the CMA designation After attaining the designation there are specified requirements for continuous professional learning and development that must be undertaken to remain in good standing 23 Notable members editNavdeep Bains Peter G Christie Roy Megarry Frederick John Mitchell Harinder Takhar J Grant Thiessen Rick ThorpeSee also editCanadian accounting professionNotes edit Originally created by the Dominion Association of Chartered Accountants with membership originally restricted to chartered accountants 11 in a move designed to prevent the General Accountants Association from moving into the growing field of cost accounting 12 those members wishing to concentrate more on management accounting left to form the Controllers Institute of Canada later part of the Financial Executives Institute 13 The designation was created once provincial societies began to be formed 15 Originally known as Registered Industrial and Cost Accountant or RIA in Ontario 16 and Licentiate of the Cost and Management Institute or LCMI in Quebec 17 it was simplified in some but not all provinces around 1967 18 References edit Federal Corporation Information 059859 3 The Society of Management Accountants of Canada ic gc ca Retrieved June 6 2017 Guidelines for transitioning CMA students cpacanada ca Retrieved June 6 2017 Professional Development Archived from the original on October 10 2014 Retrieved June 6 2017 Management Accounting Guidelines MAGs Archived from the original on October 17 2014 Retrieved June 6 2017 Management Accounting Practices MAPs Archived from the original on April 25 2012 Retrieved June 6 2017 Business Resources Archived from the original on October 8 2014 Retrieved 2011 11 14 Management accounting cpacanada ca Retrieved June 6 2017 Federal Corporation Information 042154 5 The Research Foundation of the Society of Management Accountants of Canada ic gc ca Retrieved June 6 2017 Alan J Richardson 2002 12 01 Professional dominance The relationship between financial accounting and management accounting 1926 1986 Accounting Historians Journal Retrieved 2011 11 08 The National Standard for Public Accounting for Certified Management Accountants 2009 09 12 Archived from the original on 2012 04 25 Retrieved 2011 11 08 The Canadian Society of Cost Accountants The Canadian Chartered Accountant X 1 Toronto Dominion Association of Chartered Accountants 31 34 July 1920 Retrieved June 24 2014 Richardson 2000 p 110 a b Richardson 1996 p 90 J Nelson Allan 1982 History of the Society of Management Accountants of Canada Hamilton Society of Management Accountants of Canada p 21 ISBN 0 920212 45 X Richardson 2000 p 112 The Society of Industrial and Cost Accountants of Ontario Act 1941 S O 1941 c 77 Loi constituant en corporation l Institut de gestion industrielle et commerciale S Q 1941 c 95 in French The Society of Industrial Accountants of Ontario Act 1967 S O 1967 c 129 a b The CMA Competency Map Archived from the original on 2011 11 02 Retrieved 2011 11 09 CMA Entrance Examination Archived from the original on 2012 04 25 Retrieved 2011 11 09 CMA Canada Strategic Leadership Program Archived from the original on 2011 08 11 Retrieved 2011 11 09 The CMA Canada Accreditation Process Archived from the original on 2012 04 25 Retrieved 2011 11 09 The National Standard for Continuous Professional Learning and Development for certified Management Accountants Archived from the original on 2012 04 25 Retrieved 2011 11 09 Further reading editRichardson Alan J 1996 Canada In Chatfield Michael Vangermeersch Richard eds History of Accounting An International Encyclopedia Routledge ISBN 0 8153 0809 4 Alan J Richardson 2000 Building the Canadian Chartered Accountancy Profession A Biography of George Edwards FCA CBE LLD 1861 1947 Accounting Historians Journal 27 2 Academy of Accounting Historians 87 116 doi 10 2308 0148 4184 27 2 87 Archived from the original on 2014 06 27 Retrieved from https en wikipedia org w index php title Certified Management Accountants of Canada amp oldid 1177650112, wikipedia, wiki, book, books, library,
