Until September 2015, 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. Management Accounting Guidelines and Management Accounting Practices 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. CPA Canada has taken over the programme, and has issued update guidance for many such matters under its own name, 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.
History of the Society
The mission of the Society has closely tracked the evolution from cost accounting to management accounting in Canada, and its distinction from financial accounting:
1926 - Introduction of Cost and Management, the predecessor of CMA Magazine
1930 - Name changed to The Canadian Society of Cost Accountants and Industrial Engineers
1941 - Formation of provincial societies in Ontario and Quebec, with the power to grant the newly established professional designation of Registered Industrial Accountant
1948 - Name changed to Society of Industrial and Cost Accountants of Canada
1968 - Name changed to The Society of Industrial Accountants of Canada
1977 - Name changed to The Society of Management Accountants of Canada
2004 - CMA is registered as a trademark by CMA Canada
2006 - Certified Management Accountant is registered as a trademark by CMA Canada
2007 - Incorporation of the CMA Canada Research Foundation
2009 - Introduction of The National Standard for Public Accounting for Certified Management Accountants to govern the affairs of CMAs that have entered into public practice
2014 - Unification of the profession within CPA Canada, with legislative implementation substantially complete as of May 2017.
Timeline
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
While candidates may come from a variety of backgrounds, the CMA career path is expected to progress in the following manner: CMA candidates 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, 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.
