The Chartered Institute of Management Accountants and the Chartered Professional Accountants of Canada signed a memorandum of understanding in Toronto that took effect this week.
The memorandum of understanding on reciprocal membership arrangements between CIMA and CPA Canada enables members of each accounting organization to concurrently become members of the other body and adopt, subject to criteria, the relevant professional designation, effective Aug. 1. The goal is to broaden the employment opportunities open to both organizations' sets of members and give employers and clients more access to accounting and finance talent.
CIMA members will now be able to join a provincial or regional CPA professional organization, subject to passing days two and three of the CPA Profession's Common Final Examination.
"I am delighted that we have reached this agreement with the Chartered Professional Accountants of Canada, and it reflects our strong working relationship," said Andrew Harding, chief executive of management accounting at the Association of International Certified Professional Accountants, in a statement Tuesday. "CIMA has a large global membership base, with a strong cohort in Canada. The agreement will mean that CIMA and CPA Canada members will now have a bigger range of employment opportunities and will be able to use their skills even more widely. Holding the CPA and CGMA designations shows a depth of accounting and finance knowledge that companies all over the world will be looking to acquire to enhance their competitive advantage."
Canadian CPA members can join CIMA, subject to passing the CGMA Professional Qualification Strategic Case Study Exam. Candidates will also have to meet the other organization's practical experience requirements to demonstrate their competence and experience in the workplace.
The agreement gives Canadian businesses access to a wider array of management accounting talent, and CIMA members will get the chance to add more value to the companies they serve. In turn, CPA Canada members will get improved career opportunities across the globe as a result of being able to use their wider expertise in fields like public accounting, finance and performance management.
Along with joining CIMA, the advantages include access to the communities and resources of the Association of International Certified Professional Accountants, the group formed in 2017 by the American Institute of CPAs and CIMA, with 698,000 members, candidates and professionals in 188 countries and territories.
"This agreement with CIMA is yet another example of the global recognition of the value of a Canadian CPA designation," said CPA Canada president and CEO Pamela Steer in a statement. "Canada's accounting profession continues to demonstrate its commitment to increasing international labor mobility for our members. By establishing a clear pathway to achieving reciprocal membership, CIMA and CPA Canada will reduce challenges to accessing global career opportunities for our members, while addressing economic and market needs of domestic and international organizations."
