Abbreviation | CMA Canada |
---|---|
Formation | May 3, 1920 |
Legal status | Continued under the Canada Not-for-profit Corporations Act[1] |
Headquarters | Toronto, Ontario, Canada |
Official language | English, French |
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 .
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]
The mission of the Society has closely tracked the evolution from cost accounting to management accounting in Canada, and its distinction from financial accounting:[9]
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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.[11] There are six functional competencies and four enabling competencies in that regard:
Functional competencies
Enabling competencies
While candidates may come from a variety of backgrounds, the CMA career path is expected to progress in the following manner:[11]
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.[12] Upon passing this stage, they then enter the Strategic Leadership Programme ("SLP"),[13] which has the following components:[14]
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.[15]
Original source: https://en.wikipedia.org/wiki/Certified Management Accountants of Canada.
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