Course Project - Crystal Estridge

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School

National University College *

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433

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Accounting

Date

May 6, 2024

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docx

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ACC 433 Managerial Accounting Course Project Website review: https://www.imanet.org Who and what is the Institute of Management Accountants? The Institute of Management Accountants (IMA) is a business organization built around the educational, development, and support of accountants around the world. Providing individuals, the opportunity to expand their focused field along with gathering practical knowledge, skills, and support to succeed in their profession. The IMA is a global association for approximately 140,000 members in over 150 countries and currently holds 350+ professional and student chapters. These professions consist of academic institutions, non-profits, public & private companies. The IMA’s mission is to provide the highest ethical and business practices for a community of professionals with forums for connection of knowledge sharing, research, and education development. Their focused areas are member services, professional advocacy, business agility, and performance. Through this focus and mission, they vision to be a leading resource for accountants and financial professionals in business. The IMA provides certifications that can expand the knowledge of management in business by challenging individuals in an exam process to test their understanding of the different areas of business. They currently offer 2 different certification programs which are Certified Management Accountant (CMA) and Certified in Strategy and Competitive Analysis (CSCA), which is a second building block after the CMA program. What is the CMA Certifications? The IMA is well known for their Certified Management Accountant (CMA) program that aligns with business structures used today. It provides the knowledge and skillset for financial planning, analytics, control, and decision support that are crucial for a successful business. Individuals are challenged with a rigorous exam process that only has a 50% pass rate each year. There are 2 parts to the certification, CMA Part 1is on Financial Planning, Performance, and Analytics and CMA Part 2 is over Strategic Financial Management. These 2-part exams require an extensive amount of preparation and studying of up to 18 Page | 1

ACC 433 Managerial Accounting Course Project months to even be ready. For the price of $495 per exam part, you definitely want to be ready because the fees are non-refundable if failed. Below is a breakdown of the exam requirements, benefits, and continued responsibility requirements. CMA Exam Requirements (per CMA handbook)  Having an active membership in IMA  A bachelor's degree from an accredited college/university or a related professional certification  Complete two continuous years of professional experience in management accounting or financial management. This requirement may be completed prior to or within seven years of passing the examination.  Passing Parts 1 and 2 of the CMA exams. The benefits of getting a CMA can make a big difference in an accounting career, listed below are just a few:  Global recognition – with IMA being a worldwide association your CMA will be recognized globally.  Career advancement – Having a CMA certification provides better and quicker advancements within a company or better career opportunities allowing to stand out and be noticed quicker.  Higher pay – On average a CMA certified employee can make 50% more than the non-CMA employee. The median pay for the 2020 salary study was $105,000 – $118,500 per year for just the United States. CMA can also get bonuses on top of their annual salary. Once the CMA has been completed and certification has been received the member must comply with the IMA ethical standards, complete Continued Education of 30 hours with 2 hours to be ethics, along with membership fees done annually to maintain a CMA active status. Page | 2

ACC 433 Managerial Accounting Course Project Having a CMA certification is a prestigious accomplishment, validating the mastery of knowledge in the management accounting field. Management accountants make strategic decisions throughout the everyday business and can analyze investment risk with income and expenses to determine the best course of action to take. Having the knowledge and resources provided through IMA, a CMA can find trends and areas for growth/investments within their firm or company. This benefits both the company in terms of growth and CMA for bonuses on profits, which shows the potential value of this certification. Page | 3

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ACC 433 Managerial Accounting Course Project NOTES - Q&A Research 1. Who and what is the Institute of Management Accountants?  IMA ® (Institute of Management Accountants) is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. IMA offers its members exclusive access to the CMA® (Certified Management Accountant) program. We are committed to helping you – and our network of more than 100,000+ members – to expand your professional skills, better manage your organization, and enhance your career.  IMA® (Institute of Management Accountants) is a global professional association focused exclusively on advancing the management accounting profession. 2. What is the purpose (mission) of the organization?  “To provide a forum for research, practice development, education, knowledge sharing, and advocacy of the highest ethical and best business practices in management accounting and finance.” 3. How is the organization structured?  Separated with chapters for different countries and then sub chapters within the region. 4. How many members are there and, generally, where are they located?  Approximately 140,000 members in 150 countries. 5. Identify the closest chapter to your home or place of business.  350+ chapters  Oklahoma City chapter currently has 127 members. 6. Describe the CMA certification.  2-part test once complete requirements  CMA Part 1: Financial Planning, Performance, and Analytics  CMA Part 2: Strategic Financial Management  Earning your certification validates your mastery of a comprehensive body of knowledge in accounting and financial management. Passing these rigorous exams is a prestigious accomplishment. 7. What are some of the benefits of obtaining the CMA certification?  Global acknowledgement  Career advancement  Higher pay 8. Are there any continuing education requirements?  30 hours Continuing Professional Education including 2 hours of ethics annually. 9. What is the average salary advantage that CMAs have?  50% higher median salary for CMAs aged 30-39 vs. noncertified peers.  The median base salary and median total compensation in the U.S. in 2020 was $105,000 and $118,500, respectively. The Northeast region had the highest median base salary ($115,000), while the Mid-Atlantic region had the highest median total compensation ($127,000) 10. What is your understanding of the difference between a CMA and a CPA certification?  Certified Management Accountant (CMA) is used for inside business strategy and Certified Public Accountant (CPA) is for financial setups where they don’t strategize anything within a business. CMA deals with everyday processes and CPA only works with financial information. Page | 4