Institute of Management Accountants ( IMA )

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

1919: Founding of the National Association of Cost Accountants (NACA) in Buffalo, N.Y., forerunner of the IMA
1920: First chapter of NACA formed in Chicago / First NACA Annual Conference held in Atlantic City
1925: NACA Bulletin introduced
1935: Library established at NACA national office
1943: First international chapter chartered
1945: Research committee established
1949: NACA Bulletin became monthly publication
1957: NACA became National Association of Accountants (NAA)
1959: Student Publication Services inaugurated
1969: Management Accounting Practices Committee established
1972: Certified Management Accountant (CMA®) program created / The first Statement on Management Accounting (SMA), Concepts for Contract Costing, issued
1983: Standards of Ethical Conduct of Management Accountants, the first code of ethics for management accountants in the U.S., issued
1989: Financial Executive of the Year Award (FEYA) program established
1991: National Association of Accountants became the Institute of Management Accountants (IMA)
1992: IMA became a founding member of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), a private-sector organization dedicated to improving the quality of financial reporting
1994: IMA Foundation for Applied Research (FAR) formed for the advancement of management accounting
1996: IMA established the Certified Financial Manager (CFM®) program
1999: IMA relaunched and renamed its flagship magazine, Strategic Finance, which also became available online / Management Accounting Quarterly debuted Fall 1999
2000: First IMA Student Conference held in Colorado Springs
2006: First IMA Global Conference held in Dubai, UAE
2009: LinkUp IMA, exclusive online professional community, launched
2013: IMA became a member of IFAC
^ "Our History". IMA.
^ "IMA granted IFAC membership". The Accountant. Retrieved November 18, 2013.
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. The worldwide pass rate for the exam is 35% for Part I and 49% for Part II in 2014.

To be certified as a CMA, candidates must fulfill both an education requirement and an experience requirement in addition to passing the exam.

Bachelor's degree from an accredited college or university
Foundational knowledge of economics, basic statistics, and financial accounting
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.

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