One of the big reasons for merging Canadaâ€™s accounting professions is the global competition nipping at their (our?) heels. One such challenger, as highlighted in the current CA Magazine, is the Chartered Global Management Accountant certification, a product of the American Institute of Certified Public Accountants (AICPA) and Chartered Institute of Management Accountants (CIMA).
Cue Patrick Bateman: â€œLook at that subtle off-white coloring; the tasteful thickness of it… Oh my god, it even has a charter.â€
Iâ€™m not sure why I should be worried about a brand new certification with no history and nascent prestige (to be charitable), but, â€¦ uh… hey, free magazine!
Accepting the argument that we need to meet this threat head-on by joining forces with our brethren, this might lead some to believe CMAs would be assuming the front lines in this battle, given their pedigree with management accounting. If we take these upstarts to be our challengers, this will no doubt impact the development of the merged curriculum and other requirements.
CA Magazineâ€™s done some recon:
The hallmark of the CGMA designation is expertise in applying nonfinancial, qualitative information along with financial analysis to understand all aspects of business. According to a study done by the two institutes, this will be in increasing demand by international businesses that want integrated financial and nonfinancial information.
I think what they mean here is expertise is applying non-financial and/or qualitative information. As we all know, there are many important metrics in all businesses which are non-financial, but still quantitative. I think theyâ€™re taking that from this page which compares and contrasts financial accounting and the added value of management accounting. Where the former is concerned with the financial, the latter adds non-financial. Where the former focuses on quants, the latter includes qualitative information. (Conclusion: Itâ€™s all marketing!)
One thing is for certain, according to the pro-merger forces among us: War is coming.
(Yeah that’s right, I started this with an American Psycho reference and I’m ending it with a Game of Thrones reference. What of it?)