IMA and Your Professional Career

Transcription

1 IMA and Your Professional Career University of North Texas at Dallas September 25, 2015 John C. Macaulay, CMA, Past Chair IMA

2 Agenda The Institute of Management Accountants (IMA) IMA Student Membership IMA s NEW Honor Society! Careers in Management Accounting The CMA Credential & Program Requirements How to Become a CMA Dallas Fort Worth Area Chapter DFW Student Extravaganza

3 What/Who is IMA? The leading association dedicated to developing, certifying, connecting, and supporting the world s best accountants and financial professionals in business A network of 75,000+ members worldwide with 200+ chapters Global office in US; regional offices in China, Europe and Middle East Provides best-in-class certification for critical internal financial management responsibilities, including planning, budgeting, business reporting, decision analysis, and risk management

4 Benefits of Student Membership Scholarships (over $30K awarded each year) Student Chapters; Student Case & Manuscript Competitions Annual Student Leadership Conference o November : Indianapolis, IN o November 12-14, 2015: Disney, Orlando, FL Discounts

5 Special Benefits for Educators and Students Discounts on IMA Membership and CMA enrollment and exam fees Campus Advocate Program Campus Connection e-newsletter Educators receive case studies and teaching notes Awards, competitions, and scholarships Research grant program for educators and Ph.D. candidates Networking opportunities with practitioners

6 A Range of Exceptional Services and Resources

7 IMA Accounting Honor Society (IAHS)

8 IMA Accounting Honor Society (IAHS) Announcing the IMA Accounting Honor Society, launched this year! Mission: Recognize and honor top performing accounting students and provide an alumni network for lifetime connections. Vision: Provide a home for high achieving college/university students from across the globe who are committed to the accountancy profession.

9 IAHS Criteria for Membership Students interested in attaining membership in the IAHS must: Attend an accredited college or university Be a declared accounting/finance/it major Have taken a minimum of 3 accounting courses Be in your junior year or later in an undergraduate program, or enrolled in a graduate or PhD program Have an overall and accounting GPA of 3.0 Provide proof of eligibility via faculty confirmation or transcript

10 IAHS - Benefits For a one-time fee, IAHS members will receive the following benefits: Lifetime membership Certificate of achievement Graduation cord LinkedIn Community Digital Badge IAHS e-newsletter

11 IAHS How to Apply 1. Faculty Process Verify students meet the eligibility requirements Complete and submit IAHS worksheet with all required information Students receive notification of nomination and instructions to complete membership process. Payment of membership fee is required for final acceptance -- OR 2. Student Process Student believes he/she meets eligibility requirements Student applies online at IAHS.org Official transcript must be submitted to prove eligibility before final acceptance

12 Who are management accountants?

13 Who we are, what we do, where we work

14 The Management Accounting Profession Over 75% of accounting and finance professionals in the U.S. work inside organizations, building quality financial practices into the organization through decision support, planning and control over the organization s value-creating operations. Source: US Bureau of Labor Statistics

15 Management Accountants Leaders throughout the Finance Value Chain Internal External Design Implement Manage Report Audit Management Accounting Public Accounting Management accountants help create value, rather than simply measure it.

16 He wanted to be a pro soccer player Colin Kotchik, CMA Greatest Accomplishment: Implemented a demand planning system, which is still in use Cool Fact: Met Kobe Bryant, who also signed a pair of his shoes for Colin

17 She wanted to work in Entertainment, a Rock Star Monique Keshishian, CMA Senior Financial Analyst Warner Bros. Records Cool fact: Works in the studio with top name artists, managing budgets and contractual fiscal matters, from signing with the record label to recording of the album to various marketing matters, including visual content (i.e., music videos) Greatest accomplishment: Creates financial reports for decision makers to determine which artists to maintain on the roster, to see which genres and mediums (digital or physical) of music have higher sales and, therefore, are in demand

18 He wanted to make a positive impact on the World Andre Alexander, CMA CFO Food Allergy Research and Education (FARE) Cool Fact: Throughout my career I ve gotten to travel around the world. I m working to change the world through my profession as a management accountant. Rewarding Experience: Changing attitudes and creating awareness around the world

19 Discover the leading management accounting credential

20 What is the CMA? IMA s certification for accountants and financial professionals in business. The CMA (Certified Management Accountant) credential demonstrates a mastery of management accounting knowledge and skills. It assures employers of on the job competency to improve organizational performance. Exclusive only to IMA members, the CMA credential drives the career potential of candidates beyond their peers.

21 CMA exam content and structure

22 CMA Exam Structure Part 1: Financial Reporting, Planning, Performance and Control Part 2: Financial Decision Making - External financial reporting decisions - Planning, budgeting, and forecasting - Performance management - Cost management - Internal controls - Financial statement analysis - Corporate finance - Decision analysis - Risk management - Investment decisions - Professional ethics

23 Is the CMA for you?

24 The CMA is for

25 The Difference is in the Numbers Around the world, professionals who hold the CMA credential, on average, earn at least one-third more in annual total compensation than their noncertified peers.*

26 What employers are saying

27 Praise for the CMA At Microsoft, we look for a combination of solid accounting skills, the ability to think strategically, and strong business ethics. If someone is a CMA, we can be more comfortable that the person has mastered these aspects of the profession. Bob Laux, CMA, CPA Microsoft Corporation Financial analysis and decision support are central to management accounting practice, and we are happy that the CMA focuses on these areas. David Burritt, CMA, CPA CFO, US Steel

28 Steps to becoming a CMA

29 Program Requirements Foundational knowledge of economics, basic statistics, and financial accounting Pass both CMA exam parts Bachelors degree from an accredited college or university (in any major) Two years of professional work experience Active membership in IMA Requirements to maintain CMA certification: o o o 30 hours of CPE annually CPE must include 2 hours of ethics training Maintain active IMA membership

30 Exam Testing Exam administered at Prometric testing facilities worldwide Three exam testing windows offered each year o o o January and February May and June September and October Candidates schedule exams at their own pace o o o Part 1 and Part 2 can be taken in any order Earn the CMA in less than a year or over a three-year period You must register for an exam part within the first 12 months of entering the program

31 Study Options Various learning options to fit your style o Self-study (print and online) o Live, instructor-led courses o Online Self-paced learning

32 How to get started 1) Hold Membership in IMA Regular members: $220/year + $15 one-time processing fee Students members: $39/year SPECIAL OFFER: Join for just $25 per year! USE CODE: STUMEM2515 2) Pay the CMA Exam Entrance Fee Regular members: $240 one-time fee Student members: $180 one-time fee STUDENTS: Waive the fee! USE CODE: LBSTUCMA15 3) Register to sit for an exam part Regular and Young Professional members: $395 per part Student members: $ per part (25% discount) 4) Contact IMA Customer Service with any questions or ima@imanet.org

33 Why Should Students Pursue the CMA? Students can sit for the CMA exam before they graduate o Gain experience taking a challenging computer-based exam Reduced IMA membership and CMA exam-related fees for students CMA exam is very academic in nature exam content is fresh in the minds of students Students are more efficient studiers than professionals who have been out of school for many years If are looking for an advanced certification to build your skills, resumé, and earning potential the CMA is the right choice!

34 Dallas Fort Worth Area Chapter Continuing Professional Education CMA Certification Preparation Peer Networking Networking Events Social Networks Career Networking Student and University Support (chapters/other groups, events, conferences, scholarships) Community Service

35 Q&A

36 10 Paragon Drive, Suite 1 Montvale, New Jersey U.S.A. (800) (201)

37 Appendix Work Experience Requirement From IMA s CMA Candidate Handbook: Candidates for the CMA Certification must complete two continuous years of professional experience in management accounting and/or financial management. This requirement may be completed prior to or within seven years of passing the examination. Academics can meet this requirement if at least 60% of their course load is in accounting and corporate financial management courses above the principles level. Professional experience is expected to be gained in full-time employment. However, continuous part-time positions of 20 hours per week meeting the definition of qualified experience will count toward this requirement at a rate of one year of experience for every two years of part-time employment.

38 Appendix Work Experience Requirement (continued) From IMA s CMA Candidate Handbook: Qualifying experience consists of positions requiring judgments regularly made employing the principles of management accounting and financial management. Such employment includes: Preparation of financial statements Financial planning & analysis Monthly, quarterly, and year end close Auditing (external or internal) Budget preparation & reporting Manage general ledger and balance sheets Forecasting Company investment decision making Costing analysis Risk evaluation

39 Appendix Work Experience Requirement (continued) From IMA s CMA Candidate Handbook: Employment requiring the occasional application of management accounting principles such as in computer operations, sales and marketing, manufacturing, engineering, personnel, and general management will not satisfy this requirement. Internships and trainee, clerical, or non-technical positions do not provide appropriate experience to fulfill this requirement.