ACCA and IMA Global Strategic Initiative and Mutual Recognition Agreement (MRA) Frequently Asked Questions:

On June 24, 2013, ACCA and IMA signed a Mutual Recognition Agreement (MRA) as part of a new global initiative, Financial Leadership and Performance. The MRA enables members of both organizations, subject to certain standard conditions of membership, access to one anothers credentials. The MRA will become effective early next year. What does this MRA actually mean? The MRA, signed on the one-year anniversary of ACCA and IMAs strategic partnership, enables members of both organizations, subject to certain conditions, a clear pathway to one anothers credentials IMAs CMA (Certified Management Accountant) or ACCAs professional membership. Both credentials demonstrate a commitment to offering a rigorous qualification with clear commitments to producing ethical, reputable members. In summary, the MRA allows for the following arrangements: ACCA members who have completed ACCAs Professional Level advanced management accounting papers will have direct entry to IMAs CMA credential upon application. IMA members holding the CMA credential can join ACCA after completing three of ACCAs Professional Level papers and the Professional Ethics Module, as well as demonstrating 12 months of additional practical experience in a relevant role. IMA and ACCAs qualifications are different. How does this MRA work? a. CMA members to enter ACCA Members of IMA who have earned the CMA qualification and who have undertaken the requirements below shall be considered to have met the education, examination and experience requirements for admission into membership of ACCA: Achieve ACCAs three Essentials exams P1 Governance, Risk and Ethics, P2 Corporate Reporting, P3 Business Analysis Complete the Professional Ethics module Complete a minimum of one year ACCA Practical Experience Requirements, plus all Essential Performance Objectives. b. ACCA members to obtain CMA designation and enter IMA For members of ACCA to obtain the CMA qualification, the following requirements will apply: ACCA members who have completed P4 Advanced Financial Management and P5 Advanced Performance Management (or equivalent papers under previous syllabus) full recognition

All other ACCA members wishing to obtain the CMA designation will receive a waiver of the CMA Part 2 examination and be required to complete one of the following: ACCA Paper P4 and/or P5 (depending on previous coverage); OR CMA Part 1 examination.

What if I have questions about this opportunity? IMA members may contact IMA Member Services via e-mail: ima@imanet.org with any questions. ACCA members may register interest or ask questions via e-mail: mra@accaglobal.com. IMA and ACCA are delighted to have signed this agreement as it strengthens our relationship. Both bodies are working on a process to streamline the application process, and we expect this to be in place early next year. When we can begin accepting applications, we will make an announcement. In the meantime, we invite those interested to send us an email, and we will keep names on file.

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