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 70,000
IFAC member since November 2013
Website www.imanet.org

The Institute of Management Accountants (IMA) is a professional organization headquartered in Montvale, New Jersey, United States. The organization also has offices in Zurich, Switzerland; Dubai, UAE; and Beijing, China.

IMA 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 network of more than 70,000 professionals, IMA provides certification, the Certified Management Accountant (CMA), for internal financial management responsibilities, including planning, budgeting, business reporting, decision analysis and risk management. Members can achieve career development through access to one of IMA's 200 local chapters, online professional communities, continuing education, information and resources.

The Institute of Certified Management Accountants (ICMA), the certification division of IMA, awards the Certified Management Accountant (CMA) certification. This covers four areas: financial planning, analysis, control, and decision support. The CMA assesses competency of internally focused accounting skills and is appropriate for professionals working in large, small, publicly traded and privately held enterprises, not-for-profit organizations, academia, and government. More than 37,000 professionals in the U.S. and around the world have earned the CMA since the program was introduced in 1972.

Timeline

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.[3] The worldwide pass rate for the exam is 35% for Part I and 49% for Part II in 2014.[4]

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. ↑ "Our History". IMA.
  2. ↑ "IMA granted IFAC membership". The Accountant. Retrieved November 18, 2013.
  3. ↑ "CMA Essential Credential".
  4. ↑ http://www.imanet.org/docs/default-source/cma-lib/2014-09_pass-rates_12-17-14.pdf?sfvrsn=0
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