The message below is from both organisations, and explains that we are working to finalise arrangements; during this time, ACCA advises students to stick with your study plans and not to react until further details released, which we hope will be soon.

ACCA and IMA global strategic partnership: ACCA and IMA announced further collaboration in their global strategic partnership on June 23. This was based on a global proposition around financial leadership and performance and a new joint website called www.roleofcfo.com.

A mutual recognition agreement was also signed by both bodies, based on an assessment of the competencies acquired through both qualifications, which includes exams, work experience and ethical requirements. Through this MRA, experienced members of both organisations, subject to conditions, can have a clear pathway to one another’s credentials - IMA’s CMA (Certified Management Accountant) or ACCA’s professional membership. It is not an exemptions agreement and it is not appropriate to refer to this in any way as an exemptions agreement.

The objective of this agreement is to enable full members of both bodies to benefit from additional recognition and access to support services, relevant to their professional careers. They will have to remain a member of their qualifying body and fulfil the membership criteria of both bodies, if they take up this opportunity, including payment of annual membership fees to both bodies.

Although the overall terms of the agreement have been set out, we have yet to finalise the eligibility rules and processes as the agreement will not be in force until 2014. The market should not therefore be making decisions based on the current announcements made, as they may not be appropriate to people’s circumstances once the implementation process is set out.

Both ACCA and IMA are committed to the objective that this is a membership offer and therefore will apply the agreement in a way which makes that clear to the market.