• Register
Return to: Home > News > IMA releases management accounting competency framework

IMA releases management accounting competency framework

The Institute of Management Accountants (IMA) has released its updated Management Accounting Competency Framework.

The Framework identifies six domains of core knowledge, skills, and abilities that finance and accounting professionals, many of which have been included in the Certified Management Accountant (CMA) credential curriculum.

Some of the domains have been renamed to reflect their broader reach of competencies:

  • Strategy, Planning and Performance – The domain’s eight competencies guide professionals in leading the strategic planning performance, assessing the current state of the business and planning for the future;
  • Reporting and Control – The domain’s seven competencies give professionals the tools to measure and report their organisation’s performance in compliance with relevant standards and obligations;
  • Technology and Analytics – The domain’s four competencies show how data can work to enhance a company’s analytics and how technology can move the organisation forward;
  • Business Acumen and Operations – The domain’s four competencies display how professionals can work cross-functionally across the business to transform operations throughout the organisation;
  • Leadership - The domain’s seven competencies help professionals become leaders and build and guide their teams to reach their personal and organisational goals;
  • Professional Ethics and Values - The new domain and its three competencies ask individuals to demonstrate their professional values, ethical behaviors, and legal compliance in order for their careers and their businesses to be ethical and sustainable.

The IMA updated the framework in order to keep pace with technological changes redefining the role of the management accountant. The Framework was the result of a collaboration across IMA’s content owners, led by Education and Career Services. 

In June the IMA released an exposure draft of its enhanced competency framework to reflect the skills management accountants will need to remain relevant as technologies such as blockchain, machine learning, and robotics process automation further impact the profession

IMA’s president and CEO Jeff Thomson said: “At IMA, we are excited to lead the industry in identifying and publishing critical competencies for the finance and accounting profession.

“We analysed existing and emerging competencies needed by management accountants today in order to update the Competency Framework. This work was fully vetted and validated by industry professionals to ensure accuracy and relevancy.”
 

By Mishelle Thurai 

Top Content

    2018 Digital Accountancy forum and awards: Digital transformation

    The Accountant presents highlights from The Digital Accountancy Forum & Awards 2018 panel discussions

    read more

    2018 Digital Accountancy Forum and Awards: Tech deep dive

    The second panel session of the day saw experts discuss how new technologies should not just be seen as a threat, and could be used to improve accounting.

    read more

    Digital Accountancy Forum and Awards: The power of data

    The third panel discussion of the day saw panellists discuss some of the worries their clients have had, how to overcome them, and how data and technology are providing real business opportunities.

    read more

    Digital Accountancy Forum and Awards: The next generation

    With young people more mobile, and technology changing the industry rapidly, the final panel session of the Digital Accountancy Forum looked at how firms would need to adapt to the new reality

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.