Institute of Management Accountants explained

Institute of Management Accountants
Abbreviation:IMA
Founding Location:Buffalo, New York
Vat Id:(for European organizations) -->
Headquarters:Montvale, New Jersey, U.S.
Membership:140,000[1]
Owners:-->
Footnotes:[2]

The Institute of Management Accountants (IMA), formerly known as the National Association of Cost Accountants (NACA), is a professional organization of accountants.

History

IMA was founded in 1919 in Buffalo, New York as the National Association of Cost Accountants, later changing its name to IMA in 1957. It has its headquarters in Montvale, New Jersey, United States, and regional offices in Americas, Asia/Pacific, Europe, and Middle East/India. In 1969, it formed the management accounting practices committee that was entrusted with the task of promoting management accounting as a core area of study in line with IMA views.[3] It had 12 members from several accounting bodies like FASB and other prominent accounting regulatory groups. The representatives of the MAP were recognized for their expertise in accounting. The committee later merged with Foundation for applied research, forming the MAC/FAR committee.[4] [5]

Timeline

Accounting certification

Additionally 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) is the certification division of IMA which awards the Certified Management Accountant (CMA) and Certified in Strategy and Competitive Analysis (CSCA) designations. CMA curriculum includes subjects like strategic management, reporting and control, technology and analytics, leadership, business acumen and operations, and professional values and ethics.

Certified management accountant (CMA)

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] From 2020, part 1 will include Technology and analytics component into its syllabus. This is to ensure CMA students are well versed with latest technological advancement which affects their future or current jobs. 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 credits are required to maintain active status.

The CMA is a well-recognized certification among employers. CMA has better Career in Management Accounting than institute of Cost Accountants in SAARC nations.

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.[14] Globally the survey finds CMAs earn 62% more in median salary and 67% more in median total compensation than non-CMAs.[15]

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.[16]

Journal

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

See also

External links

Notes and References

  1. News: IMA Sees Growth in 2020 Despite Coronavirus Upheaval . 24 December 2020 . Accounting Today.
  2. Web site: IMA Fiscal Year 2019 in Review . Annual Report . Institute of Management Accountants, Inc.. 2020-07-21.
  3. Web site: Institute of Management Accountants . 2023-05-10 . cba.k-state.edu.
  4. Web site: Statements on Management Accounting Encyclopedia.com. www.encyclopedia.com. 2019-09-13.
  5. Web site: Institute Of Management Accountants (IMA). Kenton. Will. Investopedia. en. 2019-09-13.
  6. Web site: Our History. IMA.
  7. Web site: IMA granted IFAC membership. The Accountant. November 18, 2013.
  8. News: Institute of Management Accountants expands network in India. 2015-04-10. The Economic Times. 2019-09-05.
  9. News: "IMA Marks 100th Member" . 10 August 2018 . Accounting Today . 29 January 2018.
  10. Web site: Book. IMA 100 Years. en-US. 2019-05-31.
  11. Web site: IMA releases guidance on revenue mgmt., profitability analytics. Accounting Today. 16 November 2020 . en-US. 2020-11-24.
  12. Web site: CMA Essential Credential.
  13. Web site: Archived copy . 2015-12-19 . 2016-03-04 . https://web.archive.org/web/20160304090817/http://www.imanet.org/docs/default-source/cma-lib/2014-09_pass-rates_12-17-14.pdf . dead .
  14. News: 5 Accounting and Finance Certifications To Get Ahead. 9 January 2018. 10 August 2018. Business.com.
  15. News: Management Accountants Seeing Pay Raises. 2 March 2018. 10 August 2018. Accounting Today.
  16. News: Does the Big Four Value The CMA Certification?. 10 August 2018. Going Concern.com.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Institute of Management Accountants".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.