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7/27/2019 CGMA - Customer Value Tool
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CGMA TOOLS
Ho to maagcstom al
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1
COnTenTS
Itoctio a oi 2
Maag cstom sgmtatio 3
Mas cstom magis 4
Mas cstom liftim al 5
Mas cstom impact 6
Maag cstom pofitability 7
Cstom pofitability: A comphsi xampl 8
Two o the worlds most prestigious accounting bodies, AICPA
and CIMA, have ormed a joint venture to establish the CharteredGlobal Management Accountant (CGMA) designation to elevate theproession o management accounting. The designation recognisesthe most talented and committed management accountants with thediscipline and skill to drive strong business perormance.
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CGMA TOOLS How to manage customer value
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InTrOduCTIOn And OvervIew
The ocus on customer relationship management has become central
to all organisations. Companies have increasingly recognised thesigniicant costs related to the loss o customers and are trying to betterunderstand, measure, manage and improve customer retention. Further,these organisations are examining how to measure and improvelong-term customer lietime value.
This tool provides a systematic approach or addressing customer valueissues that include: customer segmentation, measuring proitability,estimating customer lietime value, identiying additional sources ocustomer value and managing to enhance customer proitability. Thistool also demonstrates how organisations can create more value or
and derive increased value rom customers.
Fig 1: Th cstom al maagmt cycl
1: Manage customersegmentation
5: Manage customerprotability
2: Measure customermargins
4: Measure customerimpact
3: Measure customerlietime value
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Segments are oten determined on the basis o customer
similarities, such as personal characteristics, preerences or
behaviours:
Demographic segmentation segments customers
based on thei r observable characteristics, or example,customer demographics like age, geographic area or
income level. However, or many products and services,
demographic characteristics are not ully representative
o buying behaviour and have not been useul in
predicting customer behaviour.
Psychographic segmentation builds upon demographic
segmentation by including criteria that urther categorise
a particular group o customers. Segmentation based
on psychographic and liestyle characteristics includes
criteria such as attitudes and interests, values and social
roles. The psychographics approach assumes that a
customers choices and behaviour are related to the
customers habits and routines.
Behavioural segmentation based on buying behaviour
represents the most eective o the current segmentation
approaches used today. Customer relationship
management sotware available today enables
companies to harness this valuable data.
Analytic segmentation integrates criteria such as cost
into the value ca lculation o a companys customersegments. Analytic segmentation provides the rm with
an even more accurate picture o customer protability
and buying behaviour. This, along with psychographic
and demographic characteristics, allows companies to
more eectively target their most protable customers.
Customer segmentation reers to the process o dividing customers into
groups or decision-making purposes. Segmentation allows the companyto provide dierential advertising or value propositions to dierentcustomer groups. The appropriate level o segmentation varies accordingto (a) the purposes or which segmentation structures will be used and(b) cost and proitability variations between customers within segments.
MAnAGe CuSTOMer SeGMenTATIOn
Box 1: Aalytic sgmtatioxamplsBOC, a UK-based supplier o industrial and
medical gases, now part o Linde Group,utilises an analytic approach to segmentation.
The companys strategy includes identiying
the distinct requirements o its customers, such
as value placed on service and/or the desire
to obtain the lowest price. Ater identiying its
customers requirements, BOC is able to adapt
its business model to maximise the operating
perormance rom serving the requirements,
reducing cost and increasing customer value
rom the customers perspective.1
This is also true or the planning strategies
o the American industrial gas market. Air
Products & Chemicals seeks out customers who
need high levels o technical assistance or
their applications (eg, liquid nitrogen reezing
o hamburgers or oxygen enhancement o
blast urnaces) or which they can charge
a high premium price. They spend ew
resources competing in the area o low-margin
commodities such as argon and oxygen used
or welding.
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Many companies have used activity-based costing, or
ABC, to assign non-product costs. Activity-based customer
costing recognises that costs required to serve customers
extend beyond direct costs, and provides a method or
identiying and assigning indirect costs to the specic
segments or customers responsible or them. Activity-basedproduct costing can also be used to better estimate product
costs as well.
Today much available sotware a llows automatic
assignment o product costs, and in most companies,
inormation about the relative margins o customers
and segments is widely available. As might be expected,
the costs dr iven by a customer or segment extend ar
beyond the costs o the products they purchase. Service
and support requirements can vary signicantly among
customer groups. See box 2 or examples o cost categories.
Box 2: Assigig o-poct costsOne way to identiy cost categories and the
costs they might include ollows:
Order-level costs are costs associated
with order placement and processing. These
costs include order entry, picking inventory,
delivery and billing costs.
Customer-level costs are costs associated
with individual customers or segments. They
include costs such as acquisition costs,
advertising and promotions, selling, sales
returns, responding to enquiries, relationship
management and managing receivables.
Channel-level costs are associated withdistribution channels. They include xed
locations, delivery equipment, inormation
technology and marketing costs.
Market-level costs benet all channels.
These costs include general research and
development, branding and other general
marketing, market research and other
marketing unctions.
Enterprise-level costs are high-level
organisation costs. They includeadministrative costs such as administrative
salaries, acilities and nancing costs.
Measure CustoMer Margins
Although almost all companies have careully designed processes
or assessing the proitability o their products, most are ar behindin assessing the proitability o their customers. Assigning non-productcosts allows measurement o customer proitability through systematicallymeasuring customer-related costs and assigning them to the responsiblecustomers.
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Customer retention and customer loyalty are important
concepts or companies seeking to eectively measure and
manage lietime value. The retention rate, as included
in the CLV calculation, reers to the probability that a
customer will continue doing business with the company
in uture relevant periods. Customer loyalty reers toa customers level o satisaction with the company or
brand, as well as that customers intention to make uture
purchases. Understanding the loyalty o customers in a
segment is important or CLV calcu lations. The prot
component o CLV is based on estimates o how much
customers will purchase in the uture, and how much it
will cost to serve and retain these customers.
Companies begin incurring costs when they spend money
to acquire customers. As the customer makes purchases,
the acquisition costs are recovered, and the company earns
increasing prots rom customer sales margins as salesrecur over time. Additional costs to serve the customer over
time include ongoing promotional and service costs and
retention costs, which include the costs o maintaining the
customer relationship over time. In addition to recurring
margins rom repeat sales, companies can gain additional
prots through selling upgraded or new types o products
and services to existing customers.
Together, all o the costs associated with serving the
customer over time are netted against the total margins the
company expects to gain through sales to that customer. The
result is the CLV. It represents the present value to the rmo a customers lietime stream o prots. The CLV model
thus views the customer as an asset that generates revenues
throughout the lie o the relationship, and also draws
resources as it is acquired, maintained and, possibly, retired.
Box 3: Cstom liftimal fomlaThe ormula or calculating CLV is as ollows:
CLV = (prot t1 x retention rate t1 x discountactort1) + (p t2 x rt2 x d t2) + + (p tn x rtn x d tn)
CLVis the sum o prots earned in time
periods 1 through to n, where n represents
the last period the company deems relevant
or protability analysis. Expected customer
prots in each period are adjusted to refect
the expected customer retention rate during
the period and discounted to the present time
period, t0.
Proft (p) is the prot earned during the timeperiod. Prots include gross prot, and take
into account lietime costs and revenues such
as acquisition costs and growth in margins
over time.
Retention rate (r) is the rate at which customers
in the segment maintain their relationship with
the company and continue uture purchases.
This could also include the net dierence
between new customer acquisitions and
customer exits within the segment.
Discount actor (d) is the multiplier used to
discount uture prots to their present value.
The discount actor is based on the companys
hurdle rate (oten the a ter-tax cost o capital).
Customer lietime value (CLV) introduces a new dimension to understanding
the value a customer provides to the company. The lietime value o thecustomer relects the present value o all uture lows associated with thecustomer. Although the speciic ormulations vary, CLV calculations all sharethree essential components: proits, retention rate and discount rate. Box 3details the speciic components o the CLV ormula.
MeASure CuSTOMer LIFeTIMe vALue
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Measure CustoMer iMPaCt
The inal component o value provided by the customer is customer
impact. O course, proits resulting rom current or uture sales tocustomers are the most signiicant source o value or most customersegments. But value can be created (or destroyed) by customers inmany other ways that all outside the reach o CLV and other methodso assessing customer value.
The power o customers is greater than ever and continues
to increase due to a var iety o actors. In addition to their
own value-generating behaviours, customers have the
capacity to aect corporate protability by infuencing the
perceptions and behaviours o others.
The most widely recognised source o customer infuence
comes in the orm o product reerrals. Customers who are
satised with a product might encourage other customers
to try the product, or when dissatised, they may dissuade
customers rom buying it.
Another important source o infuence is wielded by
customers who possess h igh levels o power or prestige.
These customers may infuence others by serving as
expert users, legitimising the products use or other
customers. Some customers infuence others by serving
as a role model. High-prole customers such as celebrity,
sports or political gures can serve this unction, as can
infuentials opinion leaders who infuence the thoughts
and actions o others.
Customers also contribute value by providing useul
inormation to the company and its stakeholders.
Customers who post product reviews provide value to
potential customers. Other customers may actively share
their technical knowledge and expertise, providing tips
or eective use o the product and solving problems or
other customers. Leading companies are crowd-sourcing
inormation rom their customers in order to improve their
products and services.
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Customer prot margins in each period during the
customer relationship make up the largest share o
customer lietime value or many segments. Thus,
improving prot margins on individual transactions is a
logical starting point or companies.
In addition to normal revenues and costs, companies
can increase the lietime value o customers by
(a) improving customer retention, (b) reducing
the costs o acquiring and maintaining customer
relationships and (c) improving customer protability
through expanded purchasing.
Box 4: Statgis fo maagig cstom pofitability
Managing customer proft margins Managing customer lietime value Managing customer impact
Re-price products and services Improve retention and acquisitionrates
Increase reerrals
Reduce customer costs (reduce cost perservice and reduce services available)
Upgrade customer prots (share owallet, up-selling and cross-selling)
Pursue infuential customers
Manage cost drivers (policy changesand charge or services)
Reduce liecycle costs (acquisition,ongoing promotions)
Enhance data capture (captureevery interaction)
Measuring, improving andmanaging customer satisaction Increase customer participation(communities, direct requests,employees)
Use data eectively(experimentation, innovationand customisation)
Companies can also take measures to enhance customer
impact by (a) increasing customer reerrals,
(b) cultivating highly infuential customers and
(c) capturing and using customer knowledge.
To translate these strategies into action, companies must
use the inormation provided by protability analyses
to inorm decisions and develop metrics that can be
incorporated into incentive programmes.
By developing a more complete picture o the value o a customer or
segment, a company can improve overall proitability by improvingproit margins, increasing the lietime value o customers and enhancingcustomer impact. Box 4 outlines strategies or managing customerproitability. In summary:
MAnAGe CuSTOMer PrOFITABILITY
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CustoMer Profitability: a CoMPrehensive exaMPle
Tabl 1: r a xpss by cstom sgmt (i millios)
In-house support
$60.0
5.0
65.0
24.0
41.0
32.5
$8.5
13%
No in-house support
$70.0
30.0
100.0
40.0
60.0
50.0
$10.0
10%
New to sotware
$20.0
15.0
35.0
13.0
22.0
17.5
$4.5
13%
Total
$150.0
50.0
200.0
77.0
123.0
100.0
$23.0
12%
Sotware
Consulting
Total revenue
Cost o goods sold
Gross margin
Operating expenses
Operating income
Percent o revenue
In this section, we provide an illustration o how measuring customer
proitability can pay o. We apply the customer value managementcycle to a ictitious company that will be called Sagu Systems.A brie description o Sagu Systems is as ollows:
Sagu works through the customer value management
cycle in the step-by-step ashion shown in gure 1 on
page 2 o this tool.
Stp 1: Maag cstom sgmtatio
Sagu begins with an analysis o current customers and their
purchasing patterns. The analysis results in three customer
segments:
1. In-house support: customers with in-house IT sta
capable o supporting the sotware
2. No in-house support: customers lacking in-house IT stacapable o supporting the sotware
3. New to sotware: customers that are rst-time users operormance-monitoring sotware and lack in-house IT
sta capable o supporting the sotware
Basic nancial inormation or the three segments is shown
in table 1.
Sagu is a sotware company located in
Dublin. Its primary product, SaguNetwork, is
perormance monitoring sotware or corporate
networks. Sagu currently sells SaguNetwork
and related consulting services to clients. The
market or perormance management sotware
is expanding rapidly, and Sagu is pursuing
an aggressive growth strategy. In an eort to
maintain protability through the growth period,
the board o directors has mandated that Sagu
analyze the protability o its customers.
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In-house support
$60.0
5.0
65.024.0
41.0
28.5
$13
20%
No in-house support
$80.0
20.0
100.040.0
60.0
53.7
$6.3
6%
New to sotware
$20.0
15.0
35.013.0
22.0
18.3
$3.7
10%
Total
$160.0
40.0
200.077.0
123.0
100.0
$23.0
12%
Sotware
Consulting
Total revenueCost o goods sold
Gross margin
Operating expenses
Operating income
Percent o revenue
In the next steps 2, 3, and 4, Sagu will calculate the
current and expected uture value contributions or each
segment. In step 5, Sagu will use the results o this analysis
to make changes in the management o customer value
in each segment. Finally, Sagu will return to step 1 and
begin the cycle again re-segmenting customers based on
protability-related behaviours.
Stp 2: Mas cstom magis
Sagu has historically allocated operating expenses based on
total revenue o the segment. However, Sagu rea lises that
operating costs vary across segments as a result o dierent
customer behaviours within the segments. In particular,sales commission costs are associated with sotware and
consulting sales, and technical support costs are associated
with the number o maintenance requests submitted by a
customer. Sagu separates these costs rom other operating
expenses and assigns them to segments based on the actual
commissions awarded and technical requests made by each
segment. Results are shown in table 2.
When segment prots are re-calculated using the new
operating expense numbers, the results are shown in table 3.
With the reallocation o operating expenses, the companys
$23 million prot has shited, increasing the protability
o the in-house support segment, and decreasing the
protability o the other two segments.
Tabl 2: Opatig xpss allocat by cstom bhaio (i millios)
In-house support
$4.0
8.0
16.0
$28.0
Operating expenses
Sales commissions
Technical support
Other administrative
Total
No in-house support
$14.0
21.0
18.7
$53.7
New to sotware
$2.0
11.0
5.3
$18.3
Total
$20.0
40.0
40.0
$100.0
Tabl 3: ris a xpss by cstom sgmt (i millios)
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Stp 3: Mas cstom liftimal
Armed with inormation about current protability, Sagu
can begin to assess the long-term value o each customer
segment. To do this, Sagu will estimate growth in prots
or each segment and change in size o each segment as
Sagu loses old customers and adds new ones over time.
Table 4 shows the CLV calculat ions or each customer
segment during the coming six years. CLV shows the
value o a segments customers to Sagu today, based on the
discounted value o anticipated uture prots. To calculate
CLV, Sagu estimates:
1. Operating income or each segment based on anestimated growth rate applied to current period
operating income
2. A retention rate based on the expected dierencebetween customers gained and lost each period
3. A discount actor, which is the net present value
(NPV) o $1 in a uture time period at 10% interest
Here, to simpliy the example, income growth and retention
rates are held constant or the coming six year period. Sagus
CLV analysis provides a new perspective on the relative
value o the three customer segments. The in-house support
segment is expected to grow at a 10% rate, as a result o
additions in sotware users to existing sotware packages. In
addition, the number o clients in this category is expected
to grow each year, as the number o new clients entering
the segment exceeds the number that exit. Discounting each
years anticipated prots back to the present using a 10% rate
results in an expected lietime va lue or the segment o $73.1
million. The segment is currently the largest, in terms oprotability, and expected to remain that way or the coming
six years.
The CLV analysis, however, tells a di erent story about the
relative value o the no in-house support and new to sotware
segments. Using current period prots alone, these segments
showed incomes o $6.3 million and $3.7 mil lion respectively.
Analysing protability over time, however, shows marked
dierences in the ability o the two segments to generate
value or the rm. The no in-house support segment shows
a modest growth rate, at 5% and a loss o market size, due
to a low customer retention rate. The new to sotware segmentshows rapid growth both among clients who have adopted
perormance management sotware or the rst time, and in the
number o net clients entering the segment. Thus, this segment
is expected to achieve rapid growth in prots over time.
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Tabl 4: Cstom liftim al (i millios)
1
$13.7
110%
.91
$13.7
1
$6.7
90%
.91
$5.4
1
$4.4
130%
.91
$5.2
2
$14.3
110%
.83
$13.0
2
$7.0
90%
.83
$5.2
2
$5.3
130%
.83
$5.7
3
$15.0
110%
.75
$12.4
3
$7.3
90%
.75
$5.0
3
$6.3
130%
.75
$6.2
4
$15.8
110%
.68
$11.9
4
$7.7
90%
.68
$4.7
4
$7.6
130%
.68
$6.8
In-house support
No in-house support
New to sotware
5
$16.6
110%
.62
$11.3
5
$8.1
90%
.62
$4.5
5
$9.1
130%
.62
$7.4
6
$17.4
110%
.56
$10.8
6
$8.5
90%
.56
$4.3
6
$10.9
130%
.56
$8.0
Operating income(5% growth)
Retention rate
Discount actor (10%)
Current value olietime prots
Total CLV
Operating income(5% growth)
Retention rate
Discount actor (10%)
Current value olietime prots
Total CLV
Operating income
(20% growth)Retention rate
Discount actor (10%)
Current value olietime prots
Total CLV
$73.1
$29.2
$39.2
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Stp 4: Mas cstom impact
To supplement the CLV analysis, Sagu est imates the
potential impact o each customer segment. Through
this analysis, shown in table 5, Sagu realises that a
small number o its large clients in the in-house support
segment generate hal the revenue o this segment, and
virtually all o the customer impact. These loyal clients
are very well-known and highly respected in the sotware
industry, and Sagu estimates that they are responsible or
a signicant portion o the client growth that contributes
to avourable retention ratesboth through reputation
and through reerrals. In addition, these customers are
very knowledgeable, and are used as test ing sites or new
sotware enhancements and sounding boards or the
technical planning personnel.
The benets rom these high-impact in-house customers
reerring other customers and testing and improvements
prior to release are estimated to be nearly $7 million as
shown in table 5.
Tabl 5: Cstom impact fo i-hos cstoms (i millios)
1
$6.5
110%
.91$6.5
1
$1.0
0.8
.91
$1.6
2
$7.2
110%
.83$6.5
2
$0.7
1.2
.83
$1.6
3
$7.9
110%
.75$6.5
3
$0.6
0.9
.75
$1.1
4
$8.7
110%
.68$6.5
4
$0.5
0.8
.68
$.09
CLV Calculation
Impact Calculation
High-impact in-house customers
Additional value or high-impact in-house customers
5
$9.5
110%
.62$6.5
5
$0.4
0.8
.62
$0.7
6
$10.5
110%
.56$6.5
6
$0.3
0.8
.56
$0.6
Operating income(5% growth)
Retention rate existing
Discount actor (10%)Current value olietime prots
Total CLV
Value o reerrals
Value o knowledgegained
Discount actor (10%)
Current value o impact
Total Impact
Total value: High-impact in-house customers
$39.1
$45.7
6.6
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Stp 5: Maag cstompofitability
Sagu has learned a great deal about the protability o
its segments through this analysis, and will use this
inormation to more eectively manage the value o these
segments. First, through the step 2 analysis o customer
margins, Sagu has learned that the no in-house support
and new to sotware segments have higher operating costs
than were apparent under the ormer cost allocation system.
In part, this was the result o high maintenance costs or
these clients.
To address this issue, Sagu has decided to change the
maintenance agreement it provides to customers. In the
uture, customers will be provided with a limited number
o technical support hours, and will be charged or any
support hours above this amount.
Through the CLV analysis in step 3, Sagu learned that
the no in-house support segment was expected to show
protability losses over time, due to low protability
growth and retention rates over time.
As a result o this analysis, Sagu conducted interviews with
key clients in the segment to determine reasons or the
decline. These clients suggested that they needed additional
consulting support to help them make the best use o their
sotware. Sagu has increased eorts to inorm customers
about available consulting services, and anticipates both
growth in consulting revenues and increased retention in
the segment as a result.
Finally, in step 4, Sagu analysed customer impact, and
realised that the customers with the greatest impact on
both attracting new customers and on gaining valuable
knowledge, were a subset o their in-house customers.
This group o clients consists o highly knowledgeable
users, who both contribute product and service knowledge
to Sagu, and also encourage other clients to adopt the
sotware either through direct reerrals or through
reputation.
Through the customer impact analysis, Sagu has
recognised the high value o these customers to the rm,
and has initiated new policies designed to provide special
benets to these customers. They wi ll receive a discounted
rate or adding sotware seats, which is expected to grow
prots more rapidly and strengthen customer loyalty.
In addition, they will be invited to sit on a newly-ormed
user advisory board, which will provide them with prestige
and the opportunity to interact directly with Sagu and
other high-powered users to share insights and strategies.
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rpat: Stps 1 thogh 5
Sagu has learned a great deal by working through the
rst round o the customer value management cycle. It
will use the knowledge gained through the process as a
oundation or continuous improvement in its ability to
evaluate customer protability, and to develop management
strategies leading to continual improvements in both the
value provided to these customers, and the va lue delivered
by them.
Moving into the next cycle, Sagu plans to re-segment thein-house support customers into high-impact and low-impact
segments. In step 2, the company plans to trace a greater
proportion o operating expenses to segments, or more
accurate estimates o current operating income. In step 3, the
company plans to gather more detailed analysis o historical
rates o both prot growth over time, and o the actual rates
at which clients exit the rm. These can be used to develop
more accurate predictions o prot growth and retention.
In step 4, the company will begin to more careully track
reerrals, through interviews with both high-impact and
new clients. In addition, it will ask the R&D department to
attach value estimates to sotware and process improvements
suggested by clients. This will allow or more accurate
measurement o customer impact over time.
At the same time Sagu gradually improves its capacity
to measure, it will also improve its ability to manage
protability. It will careully monitor the eects o the
initiatives introduced in the rst round, and make changes
to these strategies based both on their eectiveness and
on the new inormation obtained through enhanced
measurements in the second round.
eot1 Oliver, K., Moeller, L. and B. Lakenan. 2003.Smart Customization:
Protable Growth Through Tailored Business Streams. Strategy
and Business, Issue 34.
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or other proessional services or advice. I legal advice
or other expert assistance is required, the services o a
competent proessional should be sought. The inormation
contained herein is provided to assist the reader in
developing a general understanding o the topics discussed
but no attempt has been made to cover the subjects or i ssues
exhaustively. While every attempt to veriy the timeliness
and accuracy o the inormation herein as o the date o
issuance has been made, no guarantee is or can be given
regarding the applicability o the inormation ound within
to any given set o acts and circumstances.
The inormation herein was adapted romManaging Customer
Valueby Marc J. Epstein and Kristi Yuthas. Copyright
2007 by The Society o Management Accountants o
Canada (CMA Canada), the American Institute o Certied
Public Accountants, Inc. (AICPA) and The Chartered
Institute o Management Accountants (CIMA).
Copyright 2012 American Institute o CPAs. All rights reserved.
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The Association o International Certied Proessional Accountants,
a joint venture o AICPA and CIMA, established the CGMA designa
Chartered Institute oManagement Accountants
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December 2012
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