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