Accounting Organizations: the IMA

The Institute of Management Accountants: What it is, Who it's For

Aug 6, 2007

The Institute of Management Accountants (IMA) offers Certified Management Accountant (CMA) designation and a resource for networking and information for professionals.

The Institute of Management Accountants (IMA) is the organization that provides licensing, networking, and information for accounting and finance professionals. It offers services for management accountants and finance professionals that are similar to what the American Institute of Certified Public Accountants (AICPA) does for public accounting professionals; however the Institute of Management Accountants is an international organization.

Licensing

First and foremost, the IMA is known for licensing Certified Management Accountants (CMA). They also license Certified Financial Managers (CFM). They are responsible for creating the tests, and verifying that the individuals that proceed through the testing meet the licensing requirements. They are also responsible for ensuring that all continuing professional education requirements are met by CMA and CFM licensees.

The IMA requires membership in the IMA, a 4-year college degree (or a 50%+ percentile on the GMAT or GRE), two years of professional work experience in a management accounting or professional finance role, and passing all parts of the CMA exam with a 75% or better to become a CMA. The CMA exam is a four part test that is 13 hours total in length.

After December 31, 2007, the CFM licensing will no longer be offered for new licensees. Current holders of this certification will continue to be recognized and have their records maintained by the IMA.

Networking

Through the use of chapters and conferences, the IMA creates a networking environment for management accounting and finance professionals. The IMA has over 200 chapters all over the world which allows members to network with other professionals that are from the same geographic area. Conferences and similar events allow professionals to network with peers from all over the world.

Information

The Institute of Management Accountants is the go-to source for many internal accounting and finance subjects. They offer several online and print publications for members some of which like “Strategic Finance,” “Management Accounting,” and “Strategic TechNotes” are available to all members. They also offer more specialized publications for members that are interested for an additional fee.

The IMA’s publications are management accounting and finance focused, with a heavy emphasis on the actual application of management accounting subjects in the business world. They also conduct an extensive salary survey annually which shows the effect that having the CMA credential can have on a person’s salary. This survey also takes into account many other factors such as other certifications, education, and other demographic information.

The Institute of Management Accountants (IMA) is the main source of licensing, networking, and information for professionals in the management accounting and finance fields. It offers professional certification, chapters and conferences to interact with other individuals in one’s field, and a reliable source of information and news for internal accounting and finance specialists.

How to Become a CMA: Requirements to Get Certified as a Management Accountant

Management and Public Accounting: Comparing CPA and CMA Designations

Sources:

The Institute of Management Accountants website

The copyright of the article Accounting Organizations: the IMA in Accounting is owned by Tiffany Bradford. Permission to republish Accounting Organizations: the IMA must be granted by the author in writing.