The Society of Management Accountants of Canada (french: La Société des comptables en management du Canada), also known as Certified Management Accountants of Canada (french: Comptables en management accrédités du Canada) and CMA Canada, awards the

Certified Management Accountant Certified Management Accountant (CMA) is a professional certification credential in the management accounting and financial management fields. The certification signifies that the person possesses knowledge in the areas of financial planning, ...

designation in

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...

Activities

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 Cost accounting is defined as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, al ...

management accounting In management accounting or managerial accounting, managers use accounting information in decision-making and to assist in the management and performance of their control functions. Definition One simple definition of management accounting is th ...

in Canada, and its distinction from

financial accounting Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. Stockholders, ...

: * 1920 - Incorporation of The Canadian Society of Cost Accountants, with head office in

Hamilton, Ontario Hamilton is a port city in the Canadian province of Ontario. Hamilton has a population of 569,353, and its census metropolitan area, which includes Burlington and Grimsby, has a population of 785,184. The city is approximately southwest of ...

* 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 ("RIA") * 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 * 1985 - Introduction of the professional designation of Certified Management Accountant ("CMA"), with existing RIAs being grandfathered in * 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 *

Strategic management In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessme ...

* Risk management and

governance Governance is the process of interactions through the laws, norms, power or language of an organized society over a social system ( family, tribe, formal or informal organization, a territory or across territories). It is done by the g ...

Performance management Performance management (PM) is the process of ensuring that a set of activities and outputs meets an organization's goals in an effective and efficient manner. Performance management can focus on the performance of a whole organization, a ...

Performance measurement Performance measurement is the process of collecting, analyzing and/or reporting information regarding the performance of an individual, group, organization, system or component. Definitions of performance measurement tend to be predicated upon an ...

Financial management Financial management is the business function concerned with profitability, expenses, cash and credit, so that the "organization may have the means to carry out its objective as satisfactorily as possible;" the latter often defined as maximizin ...

* Financial reporting Enabling competencies *

Problem solving Problem solving is the process of achieving a goal by overcoming obstacles, a frequent part of most activities. Problems in need of solutions range from simple personal tasks (e.g. how to turn on an appliance) to complex issues in business an ...

and

decision making In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either ra ...

Leadership Leadership, both as a research area and as a practical skill, encompasses the ability of an individual, group or organization to "lead", influence or guide other individuals, teams, or entire organizations. The word "leadership" often gets v ...

and

group dynamics Group dynamics is a system of behaviors and psychological processes occurring within a social group (''intra''group dynamics), or between social groups ( ''inter''group dynamics). The study of group dynamics can be useful in understanding decision- ...

Professionalism A professional is a member of a profession or any person who works in a specified professional activity. The term also describes the standards of education and training that prepare members of the profession with the particular knowledge and ski ...

and ethical behaviour *

Communication Communication (from la, communicare, meaning "to share" or "to be in relation with") is usually defined as the transmission of information. The term may also refer to the message communicated through such transmissions or the field of inqui ...

While candidates may come from a variety of backgrounds, the CMA career path is expected to progress in the following manner: 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.

Notable members

Navdeep Bains Navdeep Singh Bains (born June 16, 1977) is a Canadian politician who served as Minister of Innovation, Science and Industry from 2015 to 2021. A member of the Liberal Party, he represented the riding of Mississauga—Malton in the House of Co ...

* Peter G. Christie * Roy Megarry * Frederick John Mitchell *

Harinder Takhar Harinder Jeet Singh Takhar (born ) is a former politician in Ontario, Canada. He was a Liberal member of the Legislative Assembly of Ontario from 2003 to 2018 who represented the ridings of Mississauga Centre and Mississauga—Erindale. He ser ...

J. Grant Thiessen J. Grant Thiessen (born 1947) is a Canadian bibliographer and bookseller (Pandora's Books, BookIT Enterprises). He has worked primarily in the area of science fiction. His bibliographic fanzine, '' The Science Fiction Collector'', has been collec ...

Rick Thorpe Rick Thorpe is a Canadian politician. He was a BC Liberal The British Columbia Liberal Party, often shortened to the BC Liberals, is a centre-right provincial political party in British Columbia, Canada. The party currently forms the Official ...

Activities

History of the Society

Timeline

Competencies, accreditation process and post-qualification development

Notable members

See also

Notes

References

Further reading