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CONTACT:

Marc Gerrone IMA (201) 474-1502 mgerrone@imanet.org Amy Ovsiew Stern + Associates (908) 276-4344 ext. 237 amy@sternassociates.com

FOR IMMEDIATE RELEASE

IMA Signs Joint Partnership with Institute of Cost and Works Accountants of India; Mutual Recognition Between CMA and ICWAI Certifications
Montvale, N.J., May 5, 2009 To reflect the globalization of business and the importance of sound management accounting practices in all parts of the world, the Institute of Management Accountants (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 organizations respective certifications, allowing automatic award of IMAs Certified Management Accountant (CMA) certification for ICWAIs 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
10 PARAGON DRIVE MONTVALE, NJ 07645-1760 TEL: 800-638-4427 TEL: 201-573-9000 FAX: 201-474-1600 www.imanet.org

1-800-638-4427 (North America) or +1-201-573-9000 (Outside of North America), or by e-mail at ima@imanet.org, or visit Frequently Asked Questions. About IMA With a worldwide network of about 60,000 professionals, IMA is the worlds leading organization dedicated to empowering accounting and finance professionals to drive business performance. IMA provides a dynamic forum for professionals to advance their careers through Certified Management Accountant (CMA) certification, research, professional education, networking, and advocacy of the highest ethical and professional standards. For more information about IMA, please visit http://www.imanet.org. About ICWAI The Institute of Cost and Works Accountants of India (ICWAI) is the only recognized statutory professional organization and licensing body in India specializing exclusively in Cost and Management Accountancy. ICWAI is a premier, dynamic, and vibrant professional institution actively associating itself in the industrial and economic development of the nation. ICWAI was established on 28th May, 1959 under the Cost and Works Accountants Act, 1959. The ICWAI has 42,000 qualified cost and management accountants and more than 165,000 students around the world. For more information about ICWAI, please visit http://www.icwai.org.

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10 PARAGON DRIVE MONTVALE, NJ 07645-1760 TEL: 800-638-4427 TEL: 201-573-9000 FAX: 201-474-1600 www.imanet.org