Management Accounting

The Institute of Management Accountants is the world’s leading organization that is dedicated to “empowering management accounting and finance professionals to drive business performance (www.imanet.org).” The Institute of Management Accountants provides different avenues that are proving to improve the current accountant profession by educating individuals in different areas concerning the role of a management accounting, as well as, finance professionals in general.

Management accounting itself is “the internal business building role of accounting and finance professionals who work inside organizations. (www.imanet.org)”. The professionals in this area are involved in “designing and evaluating business processes, budgeting and forecasting, implementing and monitoring internal controls, and analyzing, synthesizing, and aggregating information—to help drive economic value. (www.imanet.org)”.

The role of management accounting, however, is different from public accounting. This is because management accountants work at “the beginning” of the value chain. Meaning they are apart of the decision making, planning for the company as well as control. They also have to check everything after it is completed to ensure that fraud has not been committed by having audits done.  “Management accountants are valued business partners, directly supporting an organization’s strategic goals. With a renewed emphasis on good internal controls and sound financial reporting, the role of the management accountant is more important than ever. (www.Imanet.org)”.  

Now that we understand the role of a management account, you must know understand the process that it takes to become one. You must first, become a member of the Institute of Management Accountants. Second you must pay an entrance fee that is non-refundable and will last for four years. Third you must see if you qualify education wise. Fourth you must see whether you qualify experience wise. Fifth you must pass the exam, and finally you must be within the compliance of the IMA Statement of Ethical Professional Practice. All of the above things listed must be completed in order to complete the process of becoming certified. If it is not completed then the certification can not be awarded to the applicant.

Though it is a somewhat challenging process to become a managerial accountant, there are rewards and benefits that follow: a better salary, personal satisfaction, competitive advantage, and professional recognition. These are all qualities that every individuals looks for when searching for a place of employment. Therefore all the hard work to get in is not as bad as the benefits that you will receive in the end.