• The Institute of Management Accountants (IMA) is a global association that supports management accounting and finance professionals through certification, education, ethics guidance, research, and networking (Investopedia; IMA).
– IMA is best known for the Certified Management Accountant (CMA) credential, which focuses on financial planning, analysis, control, and decision support.
– IMA offers member services worldwide (offices, chapters, training), advocates high ethical standards, and provides career-development resources and discounts.
What is the IMA?
The Institute of Management Accountants (IMA) is a global professional association for accountants and finance professionals who primarily work in management accounting and financial management at public and private companies, nonprofits, and academic institutions. Its stated mission is to promote education and development in management accounting and finance, advocate the highest ethical and business practices, and provide a forum for research and professional exchange (Investopedia; IMA).
Core values include integrity and trust, passion, respect, innovation, and continuous improvement. The organization provides education, certifications, publications, local chapters, research, conferences, online learning, and career services to achieve those goals.
Brief history and milestones
– Founded in Buffalo, New York, in 1919 as the National Association of Cost Accountants to advance knowledge and professionalism in cost accounting.
– First local chapter formed in Chicago in 1920; first annual conference was in Atlantic City.
– Renamed the National Association of Accountants in 1957; became the Institute of Management Accountants in 1991.
– Created the Certified Management Accountant (CMA) certification in 1972.
– Issued the Standards of Ethical Conduct of Management Accountants (first U.S. management accounting code of ethics) in 1983.
– Established a Certified Financial Manager (CFM) program in 1996 (disin 2007).
– Celebrated its 100th anniversary in 2019 (IMA).
Global footprint and membership
– IMA serves the Americas, Middle East and Africa, Asia Pacific, and Europe with regional offices (including locations in Shanghai, Cairo, Zurich, Amsterdam, Singapore, Dubai).
– As of late 2022, IMA reported roughly 140,000 members in about 150 countries and over 350 professional and student chapters worldwide (IMA).
The CMA designation (overview)
– The Certified Management Accountant (CMA) is IMA’s flagship professional credential for management accounting and financial management.
– CMA emphasizes budgeting, forecasting, performance management, internal controls, financial decision-making, and strategic management.
– Earning the CMA demonstrates technical competence and ethical commitment in management accounting and is widely recognized by employers in industry and government.
What IMA offers members
– Certification pathway and exam (CMA) and related resources for preparation.
– Continuing professional education (CPE), webinars, conferences, and online learning modules.
– Research, journals, newsletters, and benchmarking reports on industry topics and best practices.
– Local chapter networks for in-person networking, mentoring, and leadership opportunities.
– Career resources including job boards, career coaching, and mentoring.
– Member discounts on training, publications, business services, insurance, and vendor-supplied products.
IMA and ethics
– IMA maintains a Standards of Ethical Conduct for management accountants that members and CMA holders must follow; ethics are a core part of the organization’s mission and the CMA maintenance requirements (IMA).
Practical steps: How to join IMA (basic)
1. Determine the membership type you need (professional, student, academic, retired).
2. Visit IMA’s membership application page and create an account.
3. Complete the online application and pay membership dues (dues vary by type and region; check current rates on IMA’s site).
4. Locate and connect with a local chapter to access local events and networking.
5. Start using member resources: journals, online courses, discounts, and communities.
Practical steps: How to earn the CMA through IMA
1. Confirm eligibility
• General prerequisites typically include a bachelor’s degree (or equivalent) or an alternative professional certification recognized by IMA; check current IMA rules for accepted alternatives.
2. Become an IMA member
• CMA candidates must be members of IMA to register for the exam and receive member pricing and resources.
3. Register for the CMA program/exam
• Register and schedule the two-part CMA exam (details and testing windows are available from IMA and exam partners).
4. Prepare systematically
• Use IMA’s official study materials, online courses, review workshops, and third-party review providers. Create a study schedule targeting both CMA parts; most candidates prepare dozens to hundreds of study hours per exam part.
5. Pass both exam parts
• The CMA exam is two parts (commonly: Part 1 — Financial Planning, Performance & Analytics; Part 2 — Strategic Financial Management). Format includes multiple-choice questions and essays or performance tasks (confirm current exam format with IMA).
6. Satisfy experience requirements
• Submit documentation of the required professional experience in management accounting or financial management (typically two years of relevant experience; verify current IMA policy).
7. Commit to ethics and maintenance
• Adhere to the IMA Standards of Ethical Conduct and complete continuing education/CPE requirements to maintain the CMA (CPE and ethics-hour requirements are specified by IMA; candidates should verify current maintenance rules).
Practical steps: How to get the most from IMA membership
1. Join and participate in a local chapter for networking, events, and leadership experience.
2. Use IMA’s learning resources—attend webinars, take CPE courses, and use exam prep materials if pursuing certification.
3. Read and contribute to IMA publications and research to stay current on trends and best practices.
4. Volunteer or take leadership roles in chapters to build your reputation and visibility.
5. Use career services (job boards, coaching) and member discounts to reduce costs.
6. Track and complete required CPE every year to maintain certifications and professional competence.
Resources and continuing education
– IMA operates an online training center and offers professional education products, CPE credits, and conferences.
– Members can access journals, white papers, and research reports that focus on management accounting, finance, technology, and governance.
– Local chapters frequently host sessions eligible for CPE credit.
Conclusion
The Institute of Management Accountants is a long-established global association focused on advancing management accounting and financial management through education, certification (notably the CMA), ethics, research, and member services. For finance professionals seeking to build technical skills, advance their careers, or demonstrate ethical and technical competence in management accounting, IMA membership and the CMA credential are widely recognized paths.
Sources
– Investopedia. “Institute of Management Accountants (IMA).”
– Institute of Management Accountants. “About IMA,” “Our History,” regional and chapter pages, and IMA resource pages (IMA publications and announcements).