What is the Institute of Management Accountants (IMA)

Admin 29 Dec, 20239.1k

Introduction

The Institute of Management Accountants (IMA) was formed in 1919. At that time, Management Accounting was not a recognized profession. The founders of the IMA were a group of leaders in accounting and industry who formed the organization to elevate management accounting as a profession and to develop standards for its practice. IMA is a global association of accountants and financial professionals working in business, education, government, and public practice.

The Institute of Management Accountants (IMA) is a global organization that offers the Certified Management Accountant certification to professionals in the accounting and financial management fields. The IMA is also the parent organization of the American Institute of Professional Bookkeepers (AIPB). The IMA is based in Montvale, N.J., but has chapters throughout the United States and around the world.

The Institute of Management Accountants(IMA) is the association for Accountants and Financial professionals in the business. The IMA is committed to empowering management accounting and financial management professionals to drive business performance. IMA works to establish and maintain the highest professional standards of practice, ethics, education, and certification.

Why the Institute of Management Accountants?

The IMA collects and analyzes data on the gender composition, racial composition, and sexual orientation of the faculty, administration, and staff at colleges and universities. The IMA also collects and reports on data related to employment issues such as harassment, promotion, tenure, wages, benefits, and leave time. The IMA is a powerful tool for understanding the demographic landscape of higher education institutions across the nation.

Financial Planning, Performance, and Analytics & Strategic Financial Management. IMA provides certifications, continuing education, networking opportunities, and advocacy for professionals involved in Accounting and Finance. Certified Management Accountant with a credential in Management Accounting and Financial Management. The CMA USA is recognized around the world as the advanced professional certification that delivers tangible value. The IMA also provides membership to those who want to be part of an organization that connects you with exceptional resources for the challenges you face today, access to a global community of colleagues, and opportunities for career growth in an ever-changing world.

The CMA USA credential requires candidates to have a bachelor's degree or higher from an accredited college or university and two years of experience in Management Accounting or Financial Management. Candidates also must pass 2 exams containing two parts covering Financial Planning, Performance, and Analytics & Strategic Financial Management.

Benefits of IMA

The Institute of Management Accountants promotes ethical financial practices within the management accounting profession. The organization advocates for its members' interests with regulators and lawmakers at both state and federal levels. The IMA also provides students with information about career opportunities in the field of finance.

Membership benefits include educational resources that help individuals prepare for the Certified Management Accountant (CMA) exam offered by the IMA. After passing this exam, these individuals are granted CMA USA certification. The CMA USA credential is recognized worldwide as a professional designation that demonstrates an individual's expertise in financial planning and analysis, reporting, decision-making, and strategic business management.

The IMA offers three professional awards: the Certified Global Management Accountant (CGMA), the Certified Management Accountant (CMA) designation, and the CMA certification in business valuation. The CGMA is based on the Chartered Global Management Accountant curriculum developed by the American Institute of CPAs and CIMA. The CMA is a US-based program that only focuses on financial reporting, performance management, and strategic planning.
Membership Benefits Earning: candidates have to meet some education requirements, pass an exam, and have two years of experience working in a relevant field. Members who hold any of these certifications can use the IMA's online job board to find new opportunities in their preferred area globally.

What does the IMA CMA offer?

IMA CMA is purely focused on Management Accounting. It is for people who want to work in the financial department of a company. The primary focus of IMA CMA is Strategic management and control, internal control, budgeting, forecasting, capital investments, and analysis. IMA CMA does not cover external reporting standards (GAAP) or auditing. In essence, IMA CMA covers the topics that are useful for an Accounting Manager in a company.

Unlike the other two certificates - CPA and CA - it does not cover the external reporting requirements of the company.

Conclusion

In conclusion, the Institute of Management Accountants (IMA) represents excellence and skills in the finance and accounting field. The IMA inspires candidates to perform ethical practices through professional standards. IMA-certified candidates will gain skills in financial planning, analysis, and strategic decision-making, with various job prospects.
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FAQ’s

What is the purpose of the IMA?
The purpose of the IMA is to establish and maintain professional standards for our members and to strengthen their relationships with their employers and the public.
Is IMA CMA worth it?
Yes, IMA CMA is worth it for students who want a career in finance. The CMA provides a deep understanding of budgeting, controlling costs, financial reporting, and the decision-making process, which are vital skills for a career in finance.
How long is an IMA membership valid?
IMA memberships are valid for one year, beginning on the first of the month in which you joined and ending on the last day of that same month one year later. So, if you joined on March 15, your IMA membership would be valid until March 31 of the following year.

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