The Institute of Management Accountants is a worldwide institute of management accountant professionals that provides financial certification. It is the only organization of Certified Management Accountants that offers the best certification course.
It was founded in 1919. It has a presence in 150 countries. It imparts the best world-in-class certification covering various topics like internal financial management, planning, budgeting, decision analysis, risk management, and business reporting.
At the inception of IMA, there were only 97 founding members. Over time, it has extended to 140,000 members in more than 140 countries. The number of endorsed schools has been on the rise, and it has expanded to 4 global regions.
The purpose of the IMA is to become one of the renowned institutes across the globe that gives the best state-of-the-art knowledge.
It helps the students learn the ten best ethical practices, research, knowledge sharing, and practice development. To achieve this motive, they undertake the following steps:
- It offers the best credentials so that the students can get the best return on investment.
- It establishes the education program to improve and enhance the candidate’s industrial knowledge and leadership aspects.
- It offers top-notch knowledge in cutting-edge research and industry practices.
- It helps the candidate to acclimatize with the regulatory environment.
- The organization was set up in Buffalo, New York, in 1919 to promote professionalism and knowledge to the cost accountants.
- In 1957, they created their hallmark credential and changed it to the National Association of Accountants.
- In 1991, the organization finally got the name Institute of Management Association, covering a wide array of topics related to management accounting.
CMA is one of the most desired courses covering around 12 subjects having different weightage. The course is divided into two parts, each part containing six subjects. The course duration is 12 – 18 months to complete both parts.
The students are given a timeline of three years to complete the course. The candidate must complete 150 -170 hours of study covering both parts.
Eligibility for CMA certification:
- A Bachelor’s degree in accounting is required.
- The candidate should possess a minimum of 2 years of work experience.
- It is necessary to complete both parts – part 1 and part 2.
Subjects covered under the CMA Certification
Part 1: Financial Planning, Performance, and Analytics
- External Financial Reporting Decision
- Cost Management
- Performance Management
- Technology and Analytics
- Internal Clouds
- Planning, Budgeting, and Forecasting
Part 2: Strategic Financial Management
- Financial Statement Analysis
- Professional Ethics
- Investment Decisions
- Risk Management
- Decision Analysis
- Corporate Finance
Key Highlights of CMA
- On average, CMA certification is granted to 5,000 students.
- To date, 100,000 certificates are granted across the globe.
- The CMA course has been running for the last 50 years.
- CMA holders get the 58% salary advantage globally.
Why are organizations hiring CMA?
- Top employers like Microsoft, Hewlett-Packard, Verizon, and Bank of America hire CMAs because they possess honesty and integrity.
- The IMA continuously undertakes to enhance the candidates’ skills by organizing a workshop and providing development support.
- The CMA candidate has the up-to-date knowledge related to finance necessary to survive in cut-throat competition, and they possess out-of-the-box leadership skills.
- An organization can have an array of skills in employees. Some of the necessary skills are strategic planning, decision making, data analysis, and many more.
Another course students can enroll in is certified in Strategy and Competitive Analysis (CSCA). The candidates who have completed both parts of CMA can only register in CSCA. The purpose of this course is further to enhance the skills of strategic planning and analytical skills.
Key highlights about the CSCA
- The students must take the 3-hours test with 60 multiple-choice questions and one case study.
- Through this course, the candidate can earn up to 51 CPE credits.
- The candidate has to take 40 -75 hours of study.
- The examination window for the course is from March to September.
It covers the three courses:
- Strategic Analysis
- Strategic Implementation and Performance Evaluation
- Competitive Advantage
- The course is designed for people who are accounting professionals and hold the position of an accountant to CFO.
- The candidate must have passed both the CMA parts and have a desire to learn and expand their strategy knowledge.
Value of IMA
- It helps in better career prospects and better salary hikes.
- The candidate can build their career in strategic management.
- It helps in acquiring knowledge related to the research and data.
- It has more than 300 councils and chapters which people can join as per requirement.
- IMA members can have access to free unlimited courses.