Institute of Management Accountants (IMA)
What is IMA?
The Institute of Management Accountants (IMA) is essentially an association meant for finance professionals from across the world. The primary aim of IMA is to offer a research forum, impart education and practice management accounting as well as finance development. The Institute of Management Accountants also advocates the best and highest ethical practices in the fields of accounting and finance.
The association aims at empowering finance and accounting professionals so that they can drive better and enhanced business performance. The Institute of Management Accountants boasts of over sixty thousand members and helps accounting professionals expand their professional and finance skills, manage their organizations better and further bring about improvements in their careers.
History of IMA
The Institute of Management Accountants was incepted in the year 1919 in Buffalo, New York with an intention to promote professionalism and knowledge among accountants and for fostering a better understanding of the cost accountant’s role in management of a firm. It was earlier called the National Association of Cost Accountants and underwent another change in name in 1957, when it came to be called the National Association of Accountants. However, it was in the year 1991 that the association’s name was altered yet again and it eventually came to be known as the Institute of Management Accountants. For over ninety years now, the Institute of Management Accountants has been a great resource for the professionals hailing from the finance management as well as accounting fields.
Institute of Management Accountants offers certification (the Certified Management Accountant-CMA) to accountants for managing internal finance related responsibilities, which typically includes, planning, business reporting, budgeting and managing risk and analyzing decision.The IMA safeguards both the society and the business by ensuring that the finance and accounting professionals are ethical in their practice and also well qualified to work for an organization. It is the Institute of Certified Management Accountants that awards the CMA certification to finance and accounting professionals by testing their financial and accounting management related knowledge and skills in areas including financial analysis, planning, controlling and decision making. The certification is provided only after assessing the competency of professionals and is ideal for those who work in small, large, private, government, academia, non-profit companies and public trading companies.