ICMA

The Institute was incorporated in 1996 under the patronage of Mr William Dix (former Chairman of Ford and Qantas) and Professor John Miller (former Director of Consumer Affairs, Chairman of Pannell, Kerr, Foster and holder of numerous senior academic positions). Its objectives are to provide a professional organization for management accountants, and to encourage, disseminate and promote the specialisation in organizations in Australia. Similar specialist bodies have been operating in most English-speaking developed countries, e.g. USA, UK and Canada, but not until that time in Australia.

A management accountant applies his or her professional knowledge and skill in the preparation and presentation of financial and other decision oriented information in such a way as to assist management in the formulation of policies and in the planning and control of the operation of the undertaking.

Management Accountants therefore are seen as the “value-creators” amongst the accountants. They are much more interested in forward looking and taking decisions that will affect the future of the organization, than in the historical recording and compliance (scorekeeping) aspects of the profession. Management accounting knowledge and experience can therefore be obtained from varied fields and functions within an organization, such as information management, treasury, efficiency auditing, marketing, valuation, pricing, logistics, etc.

There are seven levels of membership in ICMA with differing educational and experience requirements:

Post-Graduate Level: Certified Management Accountant (CMA)

Graduate Level: Associate Management Accountant (AMA) and Graduate Management Accountant (GMA)

Technical level: Registered Cost Accountant (RCA); Registered Business Administrator (RBA) and Certified Accounting Technician (CAT)

Affiliate Level: Management Accounting Affiliate (MAA)

Details of membership benefits and services are available in the membership page. The Institute’s newsletter, On Target, and its research journal the Management Accounting Frontiers (MAF) (formerly, JAMAR) are available in electronic format on this website. The Institute has a wide range of activities, in Australia and in its international branches.

The Institute offers a number of education programs that have received accreditation from many Australian and overseas universities. Being a CMA means a commitment to a continuous professional development, and the Institute offers seminars, training and other development activities to assist members achieve this objective. For the industry and employer perspective, the Management Accounting 2020 program offers industry-based certification for best practice in decision information and control systems.

The Institute is also an examining body, and members are required to pass examinations and other assessments and have relevant work experience prior to describing themselves as ‘Certified Management Accountants’. Business organizations are also accredited by the Institute as Private Providers – providing suitable training programs for prospective members to obtain their education requirements for membership.

CMA is established with a vision to attain the status of a premier body of professionals practising the science of management accounting. The Institute thus aims:

To promote and develop the science of Management Accountancy and to foster and maintain investigations and research into the best means and methods of developing and applying such science and to encourage, increase, disseminate and promote knowledge, education and training and the exchange of information and ideas in respect of all questions relating thereto or connected therewith;
To provide a professional organization for Management Accountants and by means of examination and other methods of assessment to test the skill and knowledge of persons desiring to enter the profession;
To further the development of management accounting education in these disciplines in the universities and schools in Australia and internationally;
To encourage research into the application of management accounting theory in practice;
To hold conferences and publish a journal as a means for disseminating ideas and information in the discipline of management accounting, and for promoting their discussion.

1. Is ICMA (Australia) linked to other accounting bodies or to IFAC?

The ICMA is accredited by the Commonwealth of Nations under the category of Civic Organisations.

The Institute distributes the world-class “On Target”, published by the ICMA to all its members. The ICMA’s research journal, the ‘Journal of Applied Accounting Research (JAMAR)‘ is co-edited by Prof Garry Marchant of Charles Sturt University and Professor Janek Ratnatunga the CEO of ICMA.

It is not linked to any other professional body like IMA (USA), CIMA (UK), CPA (Canada), etc., although as a post-graduate level professional body, it recognizes the certified/chartered membership of such bodies as entry pathways to its CMA advanced professional qualification.

It is a charter member of the International Management Accounting Collaborative (IMAC) that consists of member CMA organizations in Asia, Australia, Europe and the Middle East.

It has chosen not to seek membership of IFAC, which is is now primarily a body for the financial accounting profession.

2. What are the other professional accounting bodies in Australia?

There are three generalist professional accounting bodies who have members that provide public practice services in Australia; and are recognised in s88B of the Corporations Act (Australia) to issue a certificate under paragraphs 708(8)(c) or 761G(7)(c) after compiling or auditing a financial report in public companies. These three bodies are the Chartered Accountants of Australia and New Zealand (CA ANZ); CPA Australia (CPA) and the Institute of Public Accountants (IPA). Members of these 3 bodies, who have a practising certificate to provide such certifications as defined by the Corporations Act, need to be protected by Australian limitation of liability professional indemnity schemes.

The Institute of Certified Management Accountants (ICMA) is the only specialist professional accounting body in Australia. As ICMA members do not offer public accounting services or issue such compliance based certificates; the ICMA does not fall under the s88B of the Corporations Act; and therefore its members do not need to be protected by professional indemnity schemes.

ICMA is also the only specialist body operating at the post-graduate (Master’s Degree) level. Its education programs 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 Master’s degree programs such as the MBA and Master of Professional Accounting (MPA) programs. In fact, most CMA members have masters’ degrees or are already qualified as CA or CPA, and must have at least 5 years relevant professional experience.

3. How recognised is the ICMA?

The ICMA was registered in 1996 under the Associations Incorporations Act 1981 (Vic.). It is a non-profit organisation; with the beneficial owners being the members themselves.

The ICMA is accredited by the Commonwealth of Nations under the category of Civic Organisations.

Members entitled under its Rules to use the post-nominals Fellow Certified Management Accountant (FCMA); ‘Certified Management Accountant (CMA)’, ‘Associate Management Accountant (AMA)’, ‘Graduate Management Accountant (GMA)’, ‘Registered Cost Accountant (RCA)’, ‘Registered Business Accountant (RBA)’, Certified Accounting Technician (CAT) and ‘Management Accounting Affiliate (MAA)’ membership categories.

The CMA, RBA, RCA and CAT post-nominals are also Registered Trade Marks of the ICMA.

True “recognition” is, however, only earned in the market. As a relatively new body (now in its second decade of operations), having just over 10,000 members (with over 2,500 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. Its CMA education program now runs within a number of Masters Degree programmes in numerous Australian and overseas universities.

4. Tell me more about the Grades of Membership?
All information on Membership is available from the Membership section.

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

6. Do I have the relevant experience?
All information on relevant experience is available from the Membership section

7. How do I qualify to become a CMA?

Those with an “Accounting” background (such as an accounting degree, CA or CPA) need to do 2 specialist electives to get the CMA certification as follows:

Strategic Cost Management
Strategic Business Analysis

8. What do you mean by “recognised” accounting qualification?

A recognised accounting qualification is either:

An undergraduate degree with an accounting specialisation (at least 25% of the degree must be accounting and finance subjects) from an “accredited” university, or
An postgraduate degree (e.g. MCom, MBA) with an accounting specialisation (at least 25% of the degree must be accounting and finance subjects) from an “accredited” university, or
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, or
Those holding membership of the following accounting professional bodies HAVE been recognised in the past by the ICMA as having a recognised accounting qualification.

All Chartered Accounting bodies worldwide
AICPA (USA)
CPA Australia
MIA (Malaysia)
MICPA (Malaysia)
ICPAS (Singapore)
ICA (formerly ICWA) (India)
ICMA (Pakistan)
ICMA (Bangladesh)
CIMA (UK)
CACA (UK)
ICSA (UK)
CGA (Canada)
SMA (Canada)
CPA (Philippines)
ICMA (PNG)
CPAC (China)
LACPA (Lebanon)
CPA Ireland
Saudi Organisation of CPAs (Middle-East)

Note: CMA members of IMA USA are required to complete 2 units of the GMA Stage 4 program: Financial Management and Financial Statement Analysis.

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.

Non-CMA members of IMA (USA)
Association of International Accountants (UK)
Association of Cost and Executive Accountants (UK)
Society of Certified Management Accountants (Sri Lanka)
Institute of Certified Management Accountants (Sri Lanka)
Society of Company and Commercial Accountants (UK)
Society of International Accounting Technicians (UK)
International Institute of Certified Management Accountants (USA)
Associate of the Institute of Co-operative and Management Accountants, (Malaysia).
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 (Certified Financial Consultant)
Association of Financial Planners (UK)
Chartered Business Administrator (USA)
Chartered Business Administrator (Canada)
Canadian of Institute of Professional Accountants
Institute of Professional Financial Managers (IFC USA),
American Academy of Financial Management (AAFM-USA)*
Institute of Professional Financial Managers (UK)
Association Of Certified Fraud Examiners (USA)
The Institute of Commercial & Financial Accountants of Southern Africa (South Africa)
Association of Certified Management Accountants (UK)
Institute of Chartered Accountants of the Commonwealth
Association of Certified Public Accountants (U.K.)
Institute of Executives and Managers (U.K.)
Institute of Service Industries Management (U.K.)
The Institute of Co-Operative and Management Accountants, Malaysia.
Association of Incorporated Secretaries and Administrators (U.K.)
Institute of Certified Public Accountants (New Zealand)
Institute of Certified Management Accountants of New Zealand
All members of the U.K. based Confederation of Independent Accountancy Bodies (CIAB).

* The AAFM conducts non-examination seminars leading to a host of post-graduate sounding certifications such as Master Financial Professional, Certified Cost Accountant etc., all of which are NOT recognised by ICMA for membership purposes.

9. 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 recognised in the past by the ICMA as having a recognised university degree.

Pacific Western University (USA)
Columbia Pacific University (USA)
American University of Asia (Sri Lanka)
American University of London
Browns International University
Michigan International University (USA)
European University of Ireland
Fairfax University (USA)
Clayton University (USA)
Newport University (USA)
International University (USA)
Rushmore University (USA)
Somerset University (UK)
Southern Pacific University (S.P.U.) (St. Kitts & Nevis)
Washington International University (USA)
Preston University (USA) and affiliated campuses around the world
Sussex College of Technology (UK)
Rochville University (USA)
Calamus International University
Royal International University (Virgin Islands)
Wisconsin International University
Wessex University
Canadian College of Professional Management
Cosmopolitan University, Chile
Atlantic International University, USA
Pebble Hill University, USA
Mist University
Irish University Business School
Novus University (USA)
Canadian School of Finance and Management (Postgraduate Diploma in Management Accounting)
American College of Computer & Information Sciences
American International University
American University of Science and Technology
Al Arab University

[Please see Australian Education Credentials Standards Agency for a full list of unaccredited universities]

10. Which Universities and other providers conduct subjects accredited by ICMA in the CMA Program?

These universities are as listed in the recognized providers section.

11. 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 membership benefits include the use of the post-nominal MAA, access to the members’ section of the website, JAMAR research monographs and 6 issues of the On Target Newsletter.

12. Is the AIPA, MIPA or FIPA Qualifications of the IPA (Australia) recognised as an accounting degree equivalent qualification by ICMA?As a member of the Institute of Public Accountants, Australia, you may have an accounting degree. If so, you only need to do the 2 CMA subjects. If however, you have obtained your PNA under a “grandfather” clause without an accounting degree, then you would need to undertake the 4 GMA conversion program subjects for GMA and AMA status, and the two CMA subjects for CMA status.

13. 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 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.

14. 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, India, Dubai, Hong Kong, The Philippines, Lebanon, China, Vietnam, Cyprus and Sri Lanka. Details are posted on CMA Events page.

15. Can I do the CMA program by Distant Education?

The following providers run the CMA subjects via the internet.

Wharton Institute of Technology and Science (The Global Business School)
Calwest University
Central Queensland University
Deakin University

16. 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 (conversion) subjects, before they do the above two, i.e.:

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

17. If I have an MBA (but don’t have an accounting degree), can I still become a CMA?

Most MBAs have to undertake “financial and management accounting” and “corporate finance” subjects as part of their core subjects in the MBA. As such, most MBA graduates will be eligible to undertake the two CMA program subjects in order to obtain their CMA qualification. These subjects are:

Strategic Cost Management
Strategic Business Analysis

Those with very specialised MBA degrees that may not cover the “financial and management accounting” and “corporate finance” subjects (and whose first degree is in a field other than accounting) will need to do two prerequisite (conversion) subjects, before they do the two CMA subjects. These subjects are:

Financial Modelling (financial and management accounting with Excel modelling), and
Financial Management

Some MBA graduates may have done one or both of these as electives. Evidence of completion of the following four subjects (via your MBA or via an ICMA Educational provider) will give you Certified Management Accountant (CMA) status, provided you have five years relevant experience.

Financial Modelling (financial and management accounting with Excel modelling), and
Financial Management
Strategic Cost Management
Strategic Business Analysis

18. 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.:

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

19. 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.:

GMA Stage 4 :

Financial Modelling (Accounting with Excel modelling)
Financial Management
Management Accounting
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

20. Will I get University Credit for the subjects I do with ICMA in an MBA Program?

Most Australian and overseas MBA programs do the following two subjects as part of their core :

Accounting [i.e. Financial Modelling (Accounting with Excel modelling)]
Corporate Finance [i.e. Financial Management]

In most circumstances only two further electives are required for a non-accounting degree holder to complete the CMA program subjects. Thus a non-accountant can get an MBA, CMA by doing two electives, in addition to their two core MBA units, as follows:

Strategic Cost Management
Strategic Business Analysis

If you have completed the CMA program by examination, then most MBA programs will give between 2-4 credit exemptions in the MBA. 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.

21. Is the CMA qualification recognised for immigration into Australia?

The ICMA was not formed as a body for members to apply for immigration to Australia. Instead, it was set up for already qualified accountants (CAs, CPAs, CIMA, ACCA etc.) to obtain post-graduate level specialisation in managerial accounting. As such, 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.

22. Where can I get more information?

ICMA provides all information on its website, www.cmawebline.org. If you have any other queries, you can direct your questions to our Executive Director at who will in turn forward your email to the relevant section/person.