Competencies, Accreditation Process and Post-qualification Development
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. There are six functional competencies and four enabling competencies in that regard:
Functional competencies
- Strategic management
- Risk management and governance
- Performance management
- Performance measurement
- Financial management
- Financial reporting
Enabling competencies
- Problem solving and decision making
- Leadership and group dynamics
- Professionalism and ethical behaviour
- Communication
While candidates may come from a variety of backgrounds, the CMA career path is expected to progress in the following manner:
| 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. Upon passing this stage, they then enter the Strategic Leadership Programme ("SLP"), which has the following components:
- Development Phase
- followed by the successful passing of the CMA Case Examination
- Application Phase
- leading to the successful preparation and presentation of the Board Report, containing detailed analysis and recommendations on a specified case study
- Completion of 24 months of relevant full-time progressive practical experience confirmed by the employer - of which at least 12 months must be concurrent with the SLP
- Candidates are expected to be expanding their on-the-job responsibilities while undertaking the SLP
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.
Read more about this topic: Certified Management Accountants Of Canada
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