Custom essays on Institute of Managerial Accountants

IMA (denoted as Institute of Managerial Accountants) was established in 1919, and at that time it had the name “National Association of Cost Accountants”. Originally this organization was created in order to promote the understanding of importance of cost accounting from the positions of management, and in order to cultivate competency and professional qualities of cost accountants. Currently IMA determines its mission as providing a forum for professionals dealing in the sphere of finance and managerial accounting, creating opportunities for research, education and sharing of knowledge as well as advocacy for best business and ethical practices in managerial accounting.
One of IMA valuable projects is a highly respected certification called CMA (Certified Management Accountant), which is considered to be the mark of excellence in managerial accounting. CMA advanced professional certification is meant to measure skills in accounting and financial management, and includes two parts: “financial planning, performance and control” and “financial decision making”. Individuals willing to pass CMA certification need to have at least 2 years of professional experience (financial management or management accounting), possess bachelor’s degree and be IMA members.
IMA supports innovative initiatives and research practices. Research Center of Excellence (CoE) is meant to deliver the best and most excellent tools and practices to professionals working in the sphere of managerial accountancy. Its mission is to encourage innovative research and edge tools that empower professionals in managerial accounting to become successful business partners.
Research Center of Excellence outlines five research practices that allow practitioners to obtain excellence. Below excellence strategies are described more thoroughly.
1. Leadership strategy and ethical conduct – enable a professional to mature into strategic partner
2. Enterprise risk management and controls – allows to maintain efficient risk control via the use of internal frameworks and tools
3. Implementation of technologies – this strategy involves application of modern technologies and tools for improving efficiency and effectiveness
4. Strategic cost management – represents a practice including a variety of methodologies aimed at creating optimal allocation of resources, best selection of customers and distribution channels in order to minimize costs and maximize revenues
5. Strategy of business performance management – combines the instruments used in planning, analyzing, business reporting and forecasting, and acts as a transforming force for the enterprise.
IMA presents its publications at the magazine called Strategic Finance; some of the articles at this magazine are available for downloading without subscription. I have selected one of such articles by William M. Baker and F. Douglas Roberts called “Business Tools: The Next Quantum Leap”. This article describes the bear future of business tools in the context of new generation of World Wide Web – Semantic Web. Building blocks of Semantic Web are considered and explained. The article discusses benefits of Semantic Web from the point of view of managerial accounting and from the points of view of those professionals who might benefit from this phenomenon (e.g. auditing agents, communication coordinator agents, financial reporting, marketing, personnel, tax agents, accountants etc.). Current state of semantic web, future consequences for e-business and possible benefits as well as concerns for managerial accountants are also discussed in the article.
Membership at IMA may provide a lot of useful information and opportunities for professionals in managerial accounting. Among the variety of membership types there are professional members, young professional members, students members, academic members and discount program for staff enrollment. For student members, there are many opportunities such as reduced student membership fee, reduced fees for CMA entrance and certification exam as well as scholarships for attending IMA Conference and Exposition. I have explored one link more closely (http://www.imaconference.org/) – the resource telling about 2011 IMA Conference and Exposition. This website contains the information on future Conference, description of education sessions, workshops and requirements for attendees. However, the link for registration is not working yet (maybe due to the fact that Conference will be held only in 2011). Also, this resource describes the benefits of taking part in 2011 IMA Conference and Exposition and potential applications of new experience that could be gained there. Though this resource is quite useful, it does not contain all the necessary information for potential applicants, and hopefully, it is in the process of improvement.
In general, IMA presents a rich environment for gaining experience, sharing best practices, gaining knowledge and becoming a true professional in the sphere of managerial accounting as well as successful strategic business player.