IMA Signs Joint Partnership with Institute of Cost and Works Accountants of India; Mutual Recognition Between CMA and ICWAI Certifications
To reflect the globalization of business and the importance of sound management accounting practices in all parts of the world, IMA® and the Institute of Cost and Works Accountants of India (ICWAI), a statutory body enacted under an Act of Parliament of India, have entered into a joint partnership agreement. At the cornerstone of the partnership is a mutual recognition of each organization’s respective certifications, allowing automatic award of IMA’s Certified Management Accountant (CMA®) certification for ICWAI’s Cost and Works Accountant (CWA) certificate holders. With 42,000 qualified professionals, ICWAI is the regulating authority of the cost and management accounting profession in India.
“The ICWAI is a highly regarded organization in one of the fastest growing economic centers in the world,” said Dennis Whitney, CMA, CFM, IMA senior vice president of certification. “This agreement will help IMA further its global presence and will enhance the profile of the CMA certification. ICWAI certified professionals will be able to enjoy the global recognition and mark of distinction that comes with holding a CMA certificate.”
“IMA and ICWAI have a long history of working together on research and conferences and this agreement is the next step of a productive relationship,” said Jim Gurowka, IMA director of international development. “The demand for highly-skilled management accountants in India is growing and presents a great opportunity for IMA and the CMA.”
According to Mr. Whitney, the decision to recognize the ICWAI certification came following a thorough review by the Institute of Certified Management Accountants (ICMA®) Board of Regents and ICMA professional staff. Exam content and cognition levels of exam questions were evaluated to ensure that the two exam programs were of similar scope.
“Management accountancy is a global profession and the signing of this historic Memorandum of Understanding will enable both organizations to highlight the benefits of a professional management accountancy qualification, to share best practice and to train and develop the global business leaders of the future. The global presence of the ICWAI will also be enhanced and members of both Institutes will benefit immensely,” said Kunal Banerjee, president of ICWAI.
Besides mutual recognition of the certifications, IMA and ICWAI will pursue joint applied research projects, develop management accounting guidelines and standards, and develop continuing education programs for members of both organizations.
For more information about obtaining mutual certification, please contact IMA Member Services at 1-800-638-4427 (North America) or +1-201-573-9000 (Outside of North America), or by e-mail at ima @ imanet.org or view Frequently Asked Questions.