MONTVALE, N.J., Oct. 28, 2015 /PRNewswire/ -- For the fifth straight year, IMA® (Institute of Management Accountants), the association of accountants and financial professionals in business, announced significant growth of its flagship certification, the Certified Management Accountant (CMA®). The announcement was made at IMA's October 24 Global Board of Directors meeting, held in Colorado Springs, Colo. In Fiscal Year 2015, more than 3,500 new professionals earned the CMA credential, the highest number in any fiscal year, representing a 17% increase over last year. These figures validate the CMA as the most significant management accounting credential in the U.S. and demonstrate continued support of individuals working in progressive management accounting roles, as well as consulting and advisory service professionals.
According to Jeff Thomson, CMA, CAE, IMA president and CEO, the CMA is one of the fastest growing accounting credentials in the world with an annualized growth rate of 18% over the past five years, signaling an increase not only in certifications, but also in respect and influence. What's more, the CMA attracted a record 15,000 new candidates into the program during Fiscal Year 2015, indicating a considerable 6% year-over-year increase.
"These numbers represent two things for our organization. First, they tell us there's a need for quality certification in our profession, a fact that is continuously supported by research," said Thomson. "Second, they tell us the CMA is the leading management accounting credential in the world, as evidenced by its rapid growth and decades of rigor, credibility, and trust. We are proud to see the growing reliance on the CMA and we look forward to continuing to build the recognition of the CMA in the U.S. and abroad."
To date, more than 47,000 CMA certificates have been awarded. It is the only U.S.-based management accounting credential to include both multiple choice and essay testing formats, ensuring high reliability and validity of knowledge at a mastery level. According to a recent report published by Randstad, finance and accounting professionals who possess the CMA credential remain in high demand.
In addition to supporting the profession through the CMA, IMA continues to lead efforts in addressing the skills gap by launching its new state-of-the art career management tool, Career Driver. This tool helps IMA members assess their skills against 28 competencies and 40 job titles ranging from entry level to CFO. It helps identify competency gaps, build actionable career development plans, and leverage IMA educational programs. Career Driver aims to address the need for continuing professional education, while IMA's Competency Crisis initiative addresses the need to align undergraduate education with on-the-job demands. IMA also continues to add value to the profession through relevant research and an upcoming thought leadership book on innovation.
"Building competency in accounting is essential to driving business performance. The CMA enables professionals to build on key competencies and hone their knowledge, skills, and abilities through a rigorous and relevant exam program," said Dennis Whitney, CMA, CFM, CAE, ICMA Senior Vice President. "This growth represents an exciting time for our profession and positions the certification as a career-enhancing differentiator for current and aspiring business leaders alike."
For more information on the CMA certification, please visit: http://www.imanet.org/cma
About IMA® (Institute of Management Accountants)
IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking and advocacy of the highest ethical business practices. IMA has a global network of more than 75,000 members in 140 countries and 300 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/Africa. For more information about IMA, please visit www.imanet.org.
SOURCE Institute of Management Accountants