Institute of Management Accountants Inc.

The Institute of Management Accountants Inc. (IMA) is a prominent professional association dedicated to advancing the management accounting profession. Established in 1919 in Buffalo, New York, the organization was initially known as the National Association of Cost Accountants (NACA), reflecting its early focus on cost accounting. In 1957, it rebranded as the National Association of Accountants, before adopting its current name in 1991 to represent a broader spectrum of accounting and financial professionals.

Mission and Vision

The mission of IMA is to promote education, development, and ethical standards within the fields of management accounting and finance. The association aims to support its members through a variety of services, including professional certifications such as the Certified Management Accountant (CMA), networking opportunities, continuing education, and access to research and publications in the field. The vision of IMA is to be the leading resource for empowering and certifying the world’s top accounting and finance professionals.

Membership

As of 2022, IMA boasts approximately 140,000 members across 150 countries, supported by a network of over 350 professional and student chapters worldwide. Membership benefits include access to industry research, professional training, and discounts on various business-related expenses.

Educational Programs

IMA places a strong emphasis on education, offering a range of programs designed to enhance the skills and knowledge of its members. This includes the CMA certification, which is recognized globally and provides professionals with a competitive advantage in the marketplace. The organization also operates an online training center where members can access educational materials and professional development courses.

Publications and Research

The Institute of Management Accountants is known for its contributions to the advancement of management accounting through various publications. Its flagship journal, Management Accounting Quarterly, focuses on the latest trends and research in corporate accounting and financial management. Additionally, IMA publishes the magazine Strategic Finance, which provides insights into best practices and current issues facing finance professionals.

History and Evolution

The evolution of IMA reflects significant milestones that have shaped the organization and the profession:

• 1919: Founded as the National Association of Cost Accountants in Buffalo, NY.
• 1957: Renamed to the National Association of Accountants.
• 1991: Became the Institute of Management Accountants.
• 1972: Launched the CMA certification program, establishing a benchmark for excellence in management accounting.
• 1983: Introduced the first code of ethics specific to management accountants in the U.S.

Global Presence

IMA operates globally, with regional offices and services throughout the Americas, Europe, the Middle East, and Asia Pacific. Its international presence allows it to cater to a diverse membership, offering localized services and support to meet the needs of professionals in varying industries and markets.

Conclusion

Today, the Institute of Management Accountants Inc. stands as a pivotal organization in the accounting landscape, advocating for the profession and providing invaluable resources to its members. With a commitment to innovation, ethical standards, and continuous professional development, IMA plays a crucial role in shaping the future of management accounting.