What is the Institute of Management Accountants (IMA)
Admin 29 Dec, 2023 Introduction
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.
What is IMA?
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 organization represents more than 65,000 members in 140 countries, making it one of the largest professional organizations for accountants, according to its website.
Why the Institute of Management Accountants (IMA)?
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.
Certified Management Accountant (CMA) credential
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.
IMA provides certifications, continuing education, networking opportunities, and advocacy for professionals involved in Accounting and Finance. We offer the CMA (Certified Management Accountant) as 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.
Institute of Management Accountants (IMA) history
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.
IMA supports the professional growth and personal development of its members through a variety of programs including:
- Continuing Professional Education (CPE)
- Leadership development opportunities
- Career guidance
- Advocacy efforts on behalf of Management Accountants
- Networking events
- Certification programs (CMA, CSCA, CFM, CGMA, CPA/CMA, CPA/CFM)
- Professional publications (Strategic Finance magazine)
What is IMA's mission?
IMA's mission is to partner with members to elevate their careers by providing resources, knowledge, and connections to job opportunities. The association also works to protect and advance the value of the management accounting profession through research, advocacy and governance.
IMA believes that a single standard of ethical conduct should apply to every member, regardless of position or locale. This standard is referred to as the IMA Statement of Ethical Professional Practice. In addition, a Code of Ethics serves as a framework for members to ethically analyze situations they might face.
What does the Institute of Management Accountants do?
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.
Professional Awards
The IMA offers three professional awards: the Certified Global Management Accountant (CGMA) credential, 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 focuses on financial reporting, performance management and strategic planning. The CMA certification in business valuation involves valuing companies using various methods including discounted cash flow analysis, book value approach and earnings multiples.
Membership Benefits
Earning any of these designations requires meeting certain education requirements, passing an exam, and having two years of experience working in a related role. Members who hold any of these designations are able to use the IMA's online job board to find new opportunities in their area or around the world
The IMA offers four key benefits to members:
Business Enrichment: The IMA is your resource for education, certification, research, advocacy, and professional networking. Join an existing chapter or start your own!
Community: Network with other marketers around the world. Share stories and practice tips. Join a local chapter or start one of your own!
Content: The IMA produces a wealth of original content including podcasts, webinars, white papers, books, and blogs that deliver cutting-edge information on marketing issues to you. Read our original content or subscribe to our weekly newsletter at ima-networking.org!
Membership Benefits: With these exclusive benefits designed to help further your career you can save money on conferences and education programs; earn FREE CPE credits; save on books and more!
In addition to the above-mentioned benefits, IMA CMA also offers the following benefits:
International recognition The CMA USA is recognized by employers around the world as an industry standard of excellence.
Better compensation The compensation structure in India is not as well-defined as that in the US. However, CMAs are compensated very well on a global level. According to IMAs most recent survey of 4,700 Certified Management Accountants worldwide, the median U.S. wage for CMAs was $98,000 compared with $35,000 for non-CMAs with similar educational backgrounds and work experience
Career advancement - A lot of senior positions and strategic roles are filled by CMAs in organizations across the globe. Hiring managers prefer CMAs because they have extensive expertise in accounting and financial management.
What IMA CMA offers?
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. There is no financial statement preparation or audit standard requirement in IMA CMA.
IMA is currently offering a scholarship program called "CMA Fast Track Scholarships" to help students pursuing an undergraduate degree by paying their entire cost of the membership fee as well as $300 towards their exam fees! This scholarship program can be applied only once during a student's undergraduate degree.
FAQ's
1.How to apply for IMA scholarships?
There are three ways you can apply for this scholarship program:1) Apply online at https://www.imanet.org/students/scholarships-and-awards?ssopc=1 v
2) Download the application form from IMA Website
3) Request your HOD or principal to issue a recommendation letter
4) Send an email to IMA from the official mail id of the college.
2.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.3.Is IMA CMA worth it?
Yes, IMA CMA is worth it for students who see 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.
4.How long is 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.
Why NorthStar Academy for US CMA?
NorthStar Academy is one of the leading CMA institutes in Bangalore. With 10+ years of experience and more than 5000+ students trained, we have been known as the most preferred training center by many.
- Our Vision is to provide a high quality of education to our students which will help them grow personally and professionally.
- We offer an online CMA USA comprehensive course for students and professionals.
- We have a highly qualified mentor who is committed to providing the best coaching for CMA USA aspirants.
The NorthStar Academy is well-known as the best institute for CMA USA in Bangalore providing classroom lessons and online classes for students around the world. Our aim is to make everyone understand the concepts easily by using simple teaching methodologies.