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IMA updates competency frameworks to reflect advances in technology

The Institute of Management Accountants (IMA) has 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.

The framework identifies six domains of core skills that finance and accounting professionals need. Many of these reflect the Certified Management Accountant (CMA) credential curriculum. The six domains are:

•             Strategic management

•             Reporting and control

•             Technology and analytics

•             Leadership

•             Business acumen and operations

•             Professional values and ethics

IMA president and CEO Jeff Thomson said: “We know that today’s management accounting professional will be tasked with making decisions outside the realm of what once were traditional competencies. We believe this upgraded competency framework will provide a map for management accountants.

“Our profession is undergoing significant change. As some tasks traditionally done by accountants are automated, there is a significant opportunity for management accountants to take on strategic roles within their organisations. This framework can help organisations steer talent management and hiring decisions, while professionals can prepare to reach their full potential.”

The announcement of the updated framework was made at the IMA’s annual conference and expo in Indianapolis and is open for commentary and feedback from practitioners, academics and other stakeholders until 17 September 2018.

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