Definition
The Institute of Management Accountants (IMA) is an international professional association for accountants and financial professionals working in business. Founded in 1919, the IMA offers resources such as certification (notably the Certified Management Accountant or CMA), networking opportunities, continuing education, and professional advocacy. IMA’s mission is to promote the management accounting profession through its certification programs, research studies, and the dissemination of knowledge in the field of managerial and financial accounting.
Examples
Example 1: IMA Certification
John, a finance manager at a multinational corporation, decides to pursue the Certified Management Accountant (CMA) certification offered by the IMA to enhance his professional credibility and career prospects. Through the IMA, he gains access to extensive study materials, online courses, and a network of professionals that help him prepare for and pass the CMA exams.
Example 2: IMA Networking Events
Emma, an aspiring accountant, attends an IMA-sponsored networking event in her city. She connects with professionals from various industries and learns about best practices in management accounting. These connections provide her with mentorship opportunities and valuable insights that help her advance in her career.
Example 3: Continuous Education
The IMA provides continuous education programs for its members. Mark, a senior financial analyst, enrolls in a series of IMA webinars and workshops on emerging financial technologies. This ongoing education helps him stay current with industry trends and integrates new skills into his company’s financial strategies.
Frequently Asked Questions (FAQs)
What is the mission of the IMA?
The IMA’s mission is to advance the management accounting profession by providing members with the tools, resources, and education necessary for career development and organizational success.
What certifications does the IMA offer?
The IMA offers the Certified Management Accountant (CMA) certification, which demonstrates proficiency in management accounting and financial management.
How can one join the IMA?
Individuals can join the IMA by visiting its official website and enrolling as a member. Membership provides access to a wealth of resources, certifications, and professional development opportunities.
What are the benefits of being an IMA member?
IMA members gain access to professional certification programs, continuing education, industry research, networking opportunities, and career resources that are tailored to management accountants and financial professionals.
Is the IMA membership global?
Yes, the IMA is a global organization with members from around the world, offering resources and events that cater to an international audience.
Related Terms
Certified Management Accountant (CMA)
The CMA is a professional certification awarded by the IMA that recognizes expertise in management accounting and financial management. It demonstrates proficiency in financial planning, analysis, control, decision support, and professional ethics.
Management Accounting
Management accounting involves preparing and providing financial data and advice to managers within organizations, enabling them to make informed business decisions.
Financial Management
Financial management includes the planning, organizing, controlling, and monitoring of financial resources for a business to achieve its objectives.
Continuing Professional Education (CPE)
CPE refers to the ongoing education that professionals must partake in to maintain their professional certifications and stay updated with new developments in their field.
Online Resources
- Institute of Management Accountants: The official website of the IMA, offering membership information, certification details, professional resources, and more.
- Certified Management Accountant (CMA) Program: Detailed information about the CMA certification, including exam preparation resources and benefits of earning the certification.
- IMA’s Career Resources: A hub of career resources including job postings, resume advice, and career planning tools for financial professionals.
Suggested Books for Further Studies
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“Management Accounting: Principles & Applications” by Hugh Coombs, David Hobbs, Ellis Jenkins This book offers a comprehensive introduction to management accounting principles and practices, ideal for both students and professionals.
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“Financial Management: Theory and Practice” by Eugene F. Brigham, Michael C. Ehrhardt A detailed exploration of the principles and practices of financial management, this book is essential for understanding the broader context in which management accounting operates.
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“Accounting for Management: Planning and Control” by Richard C Reichel Focusing on the strategic aspects of management accounting, this text is useful for those wishing to delve deeper into the planning, control, and decision-making processes involved.
Accounting Basics: “IMA” Fundamentals Quiz
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