AICPA, CIMA Mull Joint Management Accounting Credential

In the U.S., management accounting often takes a back seat to public accounting. This is despite the fact that even within the , nearly as many members say they work in industry -- 39% -- as the 44% who toil away in public accounting jobs.

That may be changing. The AICPA and the UK-based Chartered Institute of Management Accountants (CIMA) are considering a nonprofit joint venture to "promote a new, globally recognized management accounting designation." (The Institute of Management Accountants, a New Jersey-based professional group with 60,000 members, appears to be left on its own.)

provided just a few details about the credential. Voting members of the AICPA who have worked for at least three years in management accounting or a financial management role would qualify for an accelerated path to earning the designation. Non-voting members would not qualify for the credential.

Accountants earning the designation "would commit to an ongoing, self-directed program of developing and maintaining competency in management accounting as well as leadership and strategy," the release said. With the new designation, "management accounting would be promoted in the U.S.," .

The AICPA considered developing a certification program in-house, but decided it made the most sense to work with an outside partner, according to the Journal of Accountancy.

The governing boards of both organizations still need to approve the proposal, in votes scheduled for May. Assuming it passes, the JV would launch in 2012, the Journal of Accountancy reported.