The differences between financial and managerial accounting

Global Reach: The IMA is a worldwide association with a large membership base (over 140,000 members in about 150 countries) and numerous professional and student chapters, highlighting the global nature and relevance of the profession.

Professional Development and Standards

The CMA Certification: The IMA is best known for the Certified Management Accountant (CMA) certification. This is a high-Return-on-Investment (ROI) credential that validates a professional's mastery of a comprehensive body of knowledge in accounting and financial management—specifically focusing on strategic management, reporting and control, technology and analytics, leadership, business acumen, and ethics.

Ethical Practice: The IMA promotes and advocates for the highest ethical standards and best business practices. All members and certified professionals are required to abide by the IMA's Statement of Ethical Professional Practice.

Career Support: The organization's mission is to provide a forum for research, practice development, education, and knowledge sharing. It offers educational programs, a professional network, and career resources to empower members to strengthen on-the-job skills and accelerate careers. The IMA also offers the Certified in Strategy and Competitive Analysis (CSCA) and the Financial and Managerial Accounting Associate (FMAA) certifications.

Sample Answer

Information from the Institute of Management Accountants (IMA)

The Institute of Management Accountants (IMA) is a global association of accountants and financial professionals working in business.

Based on a visit to the IMA's resources, here is what can be shared about the accounting profession, particularly focusing on management accounting:

The Profession's Value and Role

Driving Business Performance: The IMA emphasizes that management accountants and financial professionals in business are vital to the financial health of organizations. They are internal professionals who help drive an organization's strategy and value by making critical decisions, safeguarding integrity, and planning for business sustainability.

Internal Game Changers: Management accountants often hold roles such as CFOs, controllers, budget analysts, and treasurers. They form the majority of the accounting and financial workforce within companies.