What Is The Difference Between MAICD And GAICD?
Navigating the acronyms of official membership titles can feel like deciphering a secret code. Among these, the terms MAICD and GAICD are often mentioned within business environments, leaving many wondering about their real significance.
This post will clarify their meanings by delving into the unique features and requirements of each member category under the Australian Institute of Company Directors (AICD). Let’s unravel this mystery together!
- What Is The Difference Between MAICD And GAICD?
- Overview of AICD Membership Categories
- Main Differences Between MAICD and GAICD
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- MAICD membership is for directors, alternate directors, and senior executives with equivalent managerial responsibilities.
- GAICD membership requires completion of the AICD Company Directors Course to demonstrate competency in corporate governance.
- Both MAICD and GAICD offer benefits and opportunities for professional development in leadership and governance education.
Overview of AICD Membership Categories
The AICD has various membership categories, including Affiliate (AAICD), Member (MAICD), Graduate (GAICD), Fellow (FAICD), and Life Fellow (FAICD(Life)).
Affiliate membership, known as AAICD, offers a unique opportunity for individuals just starting their leadership journey with the Australian Institute of Company Directors. It is mainly targeted at full-time students enrolled in tertiary institutions across Australia.
Unlike the other categories such as MAICD and GAICD that require certain directorial or managerial responsibilities, AAICD has more relaxed entry requirements. This category represents an ideal pathway for those who aspire to maximise the value of governance education but aren’t yet eligible for full member status.
However, keep in mind that it doesn’t end here; there’s room to grow into higher membership tiers like Member (MAICD) or Graduate (GAICD), depending on your professional growth and development milestones.
An individual becomes a Member of the Australian Institute of Company Directors (MAICD) by meeting specific criteria and requirements. This title is typically given to those serving as directors or alternate directors in a company, including senior executives who perform roles akin to an executive director.
They have significant managerial responsibilities that influence the decisions and direction of their organisation.
As an MAICD, you gain access to a wealth of benefits geared towards enhancing your performance in corporate governance. The Australian Institute facilitates various levels of director education such as Starting, Strengthening, and Mastering.
These programmes provide extensive opportunities for members to hone their skills continually. Ultimately, being an MAICD serves as a testament to one’s competence in overseeing complex managerial processes within their company structure.
Earning the GAICD title signifies a significant achievement and commitment to bolstering corporate governance skills. This coveted membership is for those who have shown proficiency by successfully completing the AICD Company Directors Course.
It’s more than just an attendance award; it showcases a recognised level of expertise in corporate governance. Completing this course can enhance a potential board member’s qualifications, and importantly, demonstrates their dedication to career advancement and ongoing professional development.
By having diverse experts handle different course segments, the program promises breadth as well as depth of knowledge across various topics – catered specifically towards individuals aiming for leadership roles within their respective fields or companies.
Keep in mind that becoming a Graduate member isn’t merely about climbing up ranks; it’s about mastering your craft as a director and honing vital skills to lead organisations effectively amidst challenging business landscapes.
Achieving the Fellow (FAICD) status is a significant milestone and honour in any director’s career. This prestigious title acknowledges those who have shown exceptional dedication to their roles and made substantial contributions within their industry.
Typically, potential fellows will hold either an MAICD or GAICD membership and must possess a minimum of six years consecutive service as a director or equivalent level senior executive.
The application process requires existing AICD members to extend an invitation, recognising your professional stature. As a Fellow member, not only does one gain recognition for professional competency but also acquires access to unique benefits such as exclusive networking events with other elite team players in the corporate world.
Life Fellow (FAICD(Life))
Earning the title of a Life Fellow with the Australian Institute of Company Directors (FAICD(Life)) represents a pinnacle in any director’s career. This prestigious level is an invitation-only membership category, reserved for those who have had an extensive and noteworthy contribution to both their organisational roles and AICD.
It honours members who’ve shown long-term commitment and significant involvement in advocating best practice governance within their organisation or industry. The FAICD(Life) status is lifelong, acknowledging enduring service and promoting continued exceptional corporate leadership across Australia.
Main Differences Between MAICD and GAICD
The main differences between MAICD and GAICD lie in the eligibility criteria, admission process, and benefits available to members.
To qualify for MAICD membership, an individual needs to be serving as a director or alternate director of a company. Moreover, senior executives with managerial responsibilities equivalent to those of an executive director can also apply for this category.
On the other hand, GAICD membership requires completion of the AICD Company Directors Course to ensure individuals demonstrate a recognised level of knowledge and skill in corporate governance.
The admission process for both MAICD and GAICD memberships involves certain crucial steps.
- Submission of an application to the Australian Institute of Company Directors is the first step. This needs to include all relevant information about your role as a director or executive.
- The AICD reviews each application meticulously, ensuring the applicant meets their respective membership eligibility criteria.
- For acquiring a MAICD membership, one must be serving as a director or alternate director of a company, or be holding senior managerial responsibilities equivalent to that of an executive director.
- Aspiring GAICD members need to complete the AICD Company Directors Course successfully, showcasing competency in corporate governance.
- Following successful review and fulfilment of respective criteria, applicants receive membership admission approval from AICD’s Board of Directors.
- Lastly, approved members pay their annual subscription fee which activates their membership and they can then enjoy various benefits associated with their category of membership.
Benefits and opportunities available to members
As a member of the Australian Institute of Company Directors (AICD), both MAICD and GAICD offer numerous benefits and opportunities. These include access to exclusive networking events, professional development programs, and resources that enhance your skills in corporate governance.
Becoming a member provides you with the opportunity to connect with other directors, exchange ideas, and stay updated on industry trends. Additionally, as a GAICD graduate, you have demonstrated your competency in corporate governance through the completion of the AICD Company Directors Course.
This achievement not only enhances your qualifications but also showcases your commitment to ongoing learning and development as a company director or senior executive.
In conclusion, the main difference between MAICD and GAICD membership categories lies in their eligibility criteria and admission process. MAICD is for directors, alternate directors, and senior executives with managerial responsibilities equivalent to an executive director.
On the other hand, GAICD is for individuals who have completed the AICD Company Directors Course and have demonstrated competency in corporate governance. Both offer benefits and opportunities for professional development in leadership and governance education.
1. What does MAICD stand for?
MAICD stands for Member of the Australian Institute of Company Directors.
2. What does GAICD stand for?
GAICD stands for Graduate of the Australian Institute of Company Directors.
3. What is the difference between MAICD and GAICD?
The main difference between MAICD and GAICD is that MAICD is a membership level achieved by individuals who have completed the appropriate course or examination, while GAICD is a designation given to those who have completed a specific graduate program offered by AICD.
4. Further reading
Check out our other company director insights: How Much does AICD Cost?, Do I need the AICD course to be a NED?, Who Needs the AICD Company Directors Course? and Five Alternatives to the Company Directors Course.
Interested on the direction of corporate governance in Australia more generally? Read What’s Wrong with Boards.
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