ACCA has signed a Mutual Recognition Agreement (MRA) with the Institute of Management Accountants (IMA) designed to offer members of both organisations a clear pathway to one another's credentials.

Collectively, ACCA and IMA represent 653,000 members and candidates and have a global network of 89 offices and centres around the world.

Under the terms of the MRA, ACCA members who have completed ACCA's Professional Level advanced management accounting papers will have direct entry to IMA, upon application.

IMA members, holding the Certified Management Accountant (CMA) designation, will be eligible to join ACCA after completing three of ACCA's Professional Level papers, the professional ethics module and demonstrating 12 months' additional practical experience in a relevant role.

The move is part of a new strategic initiative by the two professional bodies, Financial Leadership and Performance, which is designed to support the career development goals of Chief Financial Officers (CFOs) and other aspiring professionals.

This initiative includes specialist website providing online resources giving insight into ways to strengthen financial leadership and performance; CFO Pathways which is a research report on the role, work and changing career paths of CFOs; and an online platform for continuing professional development resources.

Barry Cooper, ACCA's president said: 'Both our credentials are the result of rigorous qualification and assessments, with a clear commitment to producing ethical, reputable and high performing members. Together, we understand the issues and drivers of success for the CFO and the finance team. Today's announcements, including flexible pathways to our respective exams and compelling CFO resources, are indicative of our commitment to sustainable organisational success.'