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Back in March, we reported that the AICPA and CIMA were kicking around the idea of working together on a new global management accountant credential. Today, the two organizations have officially rolled out their plans.

[T]he two accounting bodies will create the new CGMA designation to give management accountancy a higher profile in the United States and promote the professional development of management accountants across the globe. Backing the new CGMA designation will be an AICPA-CIMA joint venture with international resources and experience in management accounting and business.

This will compete with the IMA’s CMA designation which has proven to be a valuable credential, although not a very sought-after one. The CGMA won’t be available until 2012 but the press release doesn’t give a lot of details about how the designation will be earned:

It is proposed that the new CGMA designation will be issued to members early in 2012. AICPA voting members with at least three years working in management accounting or a financial management role would qualify for an accelerated route to obtaining the new designation. CIMA members, all of whom hold either an ACMA or FCMA, will be entitled to use the letters ACMA CGMA or FMCA CGMA if they wish to.

Those holding the new designation will commit to a program of developing and maintaining competency in management accounting as well as leadership and strategy. This knowledge base will be derived from an expert-panel assessment of skills and competencies needed to succeed in various career paths in management accounting.

The new CGMA will be issued by the AICPA and CIMA through a license with the joint venture, with membership remaining with the existing organizations.

So, anyone interested?

[via AICPA, CIMA]