Institute of Management Accountants
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The Institute of Management Accountants (IMA) is a professional membership organization headquartered in Montvale, New Jersey, United States. The organization also has offices in Zurich, Switzerland; Dubai, UAE; Shanghai and Beijing, China, and Singapore.
|Motto||The Association of Accountants and Financial Professionals in Business|
|Headquarters||Montvale, New Jersey, US|
|IFAC member since||November 2013|
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 90,000 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.
Some specific differences between the CMA and the CPA (Certified/Chartered Public Accountant)is that although both are certifications, the CPA is not only a certificate but a permit to practice public accounting, specifically in tax and auditing. The CMA is not issued by any governmental authority, but is regulated by the IMA.
- 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
CMA (Certified Management Accountant)Edit
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.
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.
- "Our History". IMA.
- "IMA granted IFAC membership". The Accountant. Retrieved November 18, 2013.
- "CMA Essential Credential".