10 August 2023
Explore the groundbreaking MOU agreement between CIMA and CPA Canada, expanding career horizons for accountants.
The Chartered Institute of Management Accountants (CIMA) and the Chartered Professional Accountants of Canada (CPA Canada) have solidified their commitment to fostering professional collaboration and expanding employment opportunities within the accounting and finance sector. A Memorandum of Understanding (MOU) agreement was formally signed today in Toronto, marking a significant stride towards increased global career mobility for their respective members.
The MOU, aimed at Reciprocal Membership Arrangements, empowers members of both prestigious accounting bodies to concurrently join the other association, effectively broadening their skill sets and opening doors to a wider range of job prospects. This strategic partnership will enable employers and clients to tap into a richer talent pool, ensuring access to versatile accounting and finance expertise.
Under the provisions of the MOU, CIMA members can now pursue membership in a provincial/regional CPA body, contingent upon successfully completing the second and third days of the CPA Profession’s Common Final Examination. Conversely, Canadian CPA members are granted access to CIMA membership, provided they pass the CGMA Professional Qualification Strategic Case Study Exam. Practical experience requirements from both entities must also be fulfilled to validate competence and professional experience.
This accord has profound implications for Canadian businesses, as it facilitates access to a broader spectrum of management accounting talent. CIMA members stand poised to contribute substantial value to the organisations they serve, enhancing operational efficiency and strategic decision-making. Simultaneously, Canadian CPA members can expect to encounter an augmented array of international career opportunities, leveraging their expanded proficiency in areas like public accounting, performance management, and finance. Moreover, in addition to the advantages of joining CIMA, they gain access to the resources and communities of the Association of International Certified Professional Accountants, a collaborative initiative between AICPA and CIMA boasting a global membership exceeding 698,000 professionals across 188 countries and territories.
Expressing enthusiasm about this landmark agreement, Andrew Harding, FCMA, CGMA, Chief Executive of Management Accounting at The Association of International Certified Professional Accountants, emphasised the mutual benefits that this partnership promises. He stated, “I am delighted that we have reached this agreement with the Chartered Professional Accountants of Canada, and it reflects our strong working relationship. 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.”
Pamela Steer, President and CEO of CPA Canada, echoed the sentiment of global recognition and mutual benefit, saying, “This agreement with CIMA is yet another example of the global recognition of the value of a Canadian CPA designation. 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 organisations.”
As the CIMA and CPA Canada partnership unfolds, the realm of accounting and finance anticipates a harmonious synergy that will enrich professional expertise and empower a new era of international collaboration.
