Institute of Management Accountants

Institute of Management Accountants
IMA logo
Abbreviation IMA
Motto The Association of Accountants and Financial Professionals in Business
Headquarters Montvale, New Jersey, US
Membership 110,000[1]
IFAC member since November 2013
Website www.imanet.org

The Institute of Management Accountants (IMA) is a professional membership organization headquartered in Montvale, New Jersey, United States, operating in four global regions: The Americas, Asia/Pacific, Europe, and Middle East/India.[2]

IMA members are represented in 140 countries around the world with 300 professional and student chapters.[3] Members work in business, with job responsibilities distinct from those in public accounting. IMA raises awareness of management accounting, which includes jobs in decision support, planning and control positions.

With a global network of more than 100,000[4] professionals, IMA provides certification, the Certified Management Accountant (CMA), for internal financial management responsibilities, including planning, budgeting, business reporting, decision analysis and risk management.

The Institute of Certified Management Accountants (ICMA), the certification division of IMA, awards the Certified Management Accountant (CMA) certification. The skills included in the curriculum for the CMA include strategic management, reporting and control, technology and analytics, leadership, business acumen and operations, and professional values and ethics. At IMA's recent annual conference in Indianapolis, the organization unveiled an exposure draft of an enhanced competency framework for skills management accountants will need to stay relevant in the digital age.[5]

The CMA is a well-recognized certification among employers. In its latest salary survey, IMA finds the median income for CMAs is about 28% higher in the U.S. than for their peers without the designation.[6] Globally the survey finds CMAs earn 62% more in median salary and 67% more in median total compensation than non-CMAs.[7]

CMAs are well-represented within Fortune 500 companies as the certification is especially relevant to larger companies. CMAs hold titles such as Controller and CFO across industries.[8]


Timeline

  • 1919: Founding of the National Association of Cost Accountants (NACA) in Buffalo, N.Y., forerunner of the IMA
  • 1920: First chapter of NACA formed in Chicago / First NACA Annual Conference held in Atlantic City
  • 1925: NACA Bulletin introduced
  • 1935: Library established at NACA national office
  • 1943: First international chapter chartered
  • 1945: Research committee established
  • 1949: NACA Bulletin became monthly publication
  • 1957: NACA became National Association of Accountants (NAA)
  • 1959: Student Publication Services inaugurated
  • 1969: Management Accounting Practices Committee established
  • 1972: Certified Management Accountant (CMA®) program created / The first Statement on Management Accounting (SMA), Concepts for Contract Costing, issued
  • 1983: Standards of Ethical Conduct of Management Accountants, the first code of ethics for management accountants in the U.S., issued
  • 1989: Financial Executive of the Year Award (FEYA) program established
  • 1991: National Association of Accountants became the Institute of Management Accountants (IMA)
  • 1992: IMA became a founding member of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), a private-sector organization dedicated to improving the quality of financial reporting
  • 1994: IMA Foundation for Applied Research (FAR) formed for the advancement of management accounting
  • 1996: IMA established the Certified Financial Manager (CFM®) program
  • 1999: IMA relaunched and renamed its flagship magazine, Strategic Finance, which also became available online / Management Accounting Quarterly debuted Fall 1999
  • 2000: First IMA Student Conference held in Colorado Springs
  • 2006: First IMA Global Conference held in Dubai, UAE
  • 2009: LinkUp IMA, exclusive online professional community, launched [9]
  • 2013: IMA became a member of IFAC[10]
  • 2018: IMA hits 100,000th member mark[11]

CMA (Certified Management Accountant)

The CMA exam has two parts. Part 1 covers Financial Reporting, Planning, Performance, and Control. It includes: External Financial Reporting Decisions, Planning, budgeting, forecasting, performance management, cost management and internal controls. Part 2 covers Financial Decision Making and includes financial statement analysis, corporate finance, decision analysis, risk management, investment decisions & Professional Ethics.[12] The worldwide pass rate for the exam is 35% for Part I and 49% for Part II in 2014.[13]

Requirements

To be certified as a CMA, candidates must fulfill both an education requirement and an experience requirement in addition to passing the exam.

  1. Bachelor's degree from an accredited college or university
  2. Foundational knowledge of economics, basic statistics, and financial accounting
  3. Two continuous years of professional experience employing the principles of management accounting and financial management including a specified list of fields.

For certified CMAs, CPE credit are required to maintain active status.

Journal

IMA publishes the quarterly academic journal Management Accounting Quarterly, focusing on corporate accounting and financial management. IMA also publishes the "Strategic Finance Magazine", an award winning publication that provides the latest information about practices and trends in finance and accounting.

See also

References

  1. ↑ "Is Going Global The Key To Growing Membership?". Associations Now. Retrieved 10 August 2018.
  2. ↑ "New ACCA and IMA Survey: US Leads The Way In Economic Confidence in Q2 2018". PR Newswire. 12 July 2018. Retrieved 10 August 2018.
  3. ↑ "IMA Looks Ahead To A Time Of Transition". Accounting Today. June 18, 2018.
  4. ↑ "Is Going Global The Key To Growing Membership?". Associations Now. Retrieved 10 August 2018.
  5. ↑ "IMA Releases Management Accounting Competency Framework at Conference". Accounting Today. 17 June 2018. Retrieved 10 August 2018.
  6. ↑ "5 Accounting and Finance Certifications To Get Ahead". Business.com. 9 January 2018. Retrieved 10 August 2018.
  7. ↑ "Management Accountants Seeing Pay Raises". Accounting Today. 2 March 2018. Retrieved 10 August 2018.
  8. ↑ "Does the Big Four Value The CMA Certification?". Going Concern.com. 10 August 2018.
  9. ↑ "Our History". IMA.
  10. ↑ "IMA granted IFAC membership". The Accountant. Retrieved November 18, 2013.
  11. ↑ ""IMA Marks 100th Member"". Accounting Today. 29 January 2018. Retrieved 10 August 2018.
  12. ↑ "CMA Essential Credential".
  13. ↑ http://www.imanet.org/docs/default-source/cma-lib/2014-09_pass-rates_12-17-14.pdf?sfvrsn=0
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