Institute of Management Accountants

Sample Solution

     

The Institute of Management Accountants (IMA) is a global professional association of accountants specializing in financial management. It is dedicated to providing its members with the knowledge, skills, and resources they need to succeed in their careers.

Purpose (Mission):

• To advance the global profession of management accounting.
• To provide a community for management accountants to network, share knowledge, and develop their careers.
• To establish and maintain high standards of ethical conduct for management accountants.

Organizational Structure:

• Board of Directors: The Board of Directors oversees the IMA's strategic direction and policies.
• Management Team: The management team is responsible for the day-to-day operations of the IMA.
• Chapters: The IMA is divided into chapters, which provide local support and networking opportunities for members.

 

Full Answer Section

      Membership and Location:

• The IMA has over 125,000 members worldwide, located in over 150 countries.
• The closest chapter to Kisumu, Kenya would likely be the one in Nairobi or a neighboring country.

CMA Certification: The Certified Management Accountant (CMA) certification is a professional designation awarded to accountants who demonstrate expertise in financial management and strategic decision-making. It is recognized globally as a benchmark of excellence in the field. Benefits of CMA Certification:

• Increased earning potential
• Enhanced career opportunities
• Improved job security
• Recognition as a financial management expert
• Access to a global network of professionals

Requirements for CMA Certification:

• Bachelor's degree (or equivalent)
• Two years of professional experience in management accounting or a related field
• Passing the CMA exam, which consists of two parts: Part 1 - External Financial Reporting and Part 2 - Management Accounting

Continuing Education Requirements: CMAs are required to complete 30 hours of continuing professional education (CPE) every three years to maintain their certification. Salary Advantage: Studies have shown that CMAs generally earn higher salaries than non-CMAs. The exact amount of the salary advantage can vary depending on factors such as experience, location, and industry. CMA vs. CPA: While both the CMA and CPA certifications are respected in the accounting profession, they serve different purposes.

• CMA: Focuses on financial management, strategic decision-making, and cost management.
• CPA: Emphasizes financial reporting, auditing, and tax compliance.

In summary, the IMA is a global organization dedicated to advancing the profession of management accounting. The CMA certification is a valuable credential for accountants seeking to enhance their careers and earning potential.