Certified Management Accountant Program
The Certified Management Accountant (CMA) Program will provide you with the skills needed to take your career to the next level. Management Accountants provide real time advice and analysis to management, contributing to the strategy and operations of an organisation.
What does a Management Accountant do?
The work of a management accountant focuses on internal reporting to aid in running a better business or organisation. This role differs from that of a financial accountant, who produces regulatory and compliance based reports for external stakeholders.
Management accountants apply professional knowledge and skill to produce reports that assist in the total planning, strategy and control of an operation. The specialist skill set of the management accountant is highly-regarded by senior management and is currently in demand in many organisations.
What do senior managers say about managment accountants?
“Companies rely on quality strategic analysis to be able to confidently chart a future course. The management accountant is one of the CEO and Board’s most valuable advisers in this regard – they go beyond the numbers and bring together the best intelligence; leading indicators from within and outside the business. Without this information and analysis you are flying blind.”
Emeritus Professor Peter Chandler AM Chairman, RACV
“I don’t want to simply be told if the numbers are right or wrong. I want to know what it means for business planning. The management accountant interlinks all the different elements of the business and gives you a total picture. The fact they are involved in the functional areas of the business means they can tell you how the wheel of the company is turning; they can tell you what the numbers mean for the company, not just what it means for the budget. Their analysis and advice is critical for the successful operation of the business'.
Zoran Angelkovski, Chief Executive Officer, Continental Pty Ltd
The CMA Program
Holders of accountancy undergraduate degrees may be admitted directly to the CMA Program. The program is made up of two subjects known as papers.
The final examination will consist of a 3-hour open book paper set by the ICMA.
The program is presented at face-to-face seminars at which specific topics will be discussed. Pre-reading is required and active participation is essential. Practical application of the theoretical content may include case studies or workplace simulations.
Paper 1: Strategic Cost Management
Strategic Cost Management is an advanced level course that covers the role of the management accountant in complex modern industrial organisations within which the various facets of decision-making and controlling operations take place.
- Management Control Systems
- Lean Manufacturing and Quality Control
- Cost Accounting and Cost Management in a Lean Environment
- Life Cycle Costing Systems
- Activity Based Cost Allocation Systems
- Customer Profitability Analysis
- Process Control and Activity Based Management
- Implementing Cost Analysis and Control Systems
- Strategic Performance Management Systems
- Emerging Issues 1: Triple Bottom Line Accounting and Carbonomics
- Emerging Issues 2: Governance, Empowerment and Strategic Audit
Paper 2: Strategic Business Analysis
Strategic Business Analysis seeks to provide specialisation-level knowledge to accountants and financially motivated general managers in the interface areas between accounting and the other business functions.
- Corporate Objectives, Strategy and Structure
- Strategic Marketing Analysis and Budgeting
- Financial Analysis in Product Portfolio Management
- Pricing Methods and Strategies
- Financial Dimensions of Pricing in International Business Strategies
- Promotion: Push Strategy and Human Resource Management
- Promotion: Pull Strategy and Integrated Marketing Communication
- Supply Chain Management and the Place-Distribution Decision
- Performance Valuation and Strategic Financial Structures
- Free Cash Flows and Strategic Value Analysis
- Risk Management - Corporate Radar and Early Warning Systems
- Strategic Scorecards and Key Performance Indicators
The Graduate Conversion Program (GCP)
The Graduate Conversion Program is open to all senior managers who are graduates or professionally qualified in any discipline other than accounting.
Students completing the graduate member program become Graduate Management Accountants (GMAs) of the ICMA. Graduate members can apply for associate membership if they possess 3 years of relevant professional experience. All graduate members and associates (and those exempted from the graduate membership level examinations) must complete the two-unit “CMA Program” and have 5 years of relevant professional experience, in order to fulfil the requirements of a Certified Management Accountant.
The Graduate Conversion Program will consist of the following four subjects (in addition to the two above):
- Financial Management
- Financial Statement Analysis
- Financial Modelling
- Managerial Accounting
CMA Program Study Path