IMA launches UK chapter

Tom Herbert
Acting Editor
AccountingWEB
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Last Friday saw the launch of the UK chapter of the Institute of Management Accountants (IMA), an association for accountants and financial professionals working in business.

The chapter’s elected president Fatema El-Wakeel opened the meeting in London by welcoming new members to the IMA, and admitted that for a body founded in America back in 1919, with more than 80,000 members in 140 countries, a UK chapter was overdue.

The IMA administers and awards the Certified Management Accountant (CMA) qualification, and supports management accountants through research, education and networking.

For El-Wakeel, a financial management consultant at Jaguar Land Rover, this is the second chapter of the IMA she has launched, after helping to set up the Cairo branch.

“I worked in the private and public sector in the UK and back in Egypt, and I’ve been able to link all of them to help me in my career thanks to the IMA”, she said.

Speaking to AccountingWEB after the launch, El-Wakeel explained that the IMA aims to bring something different to the accountancy association ecosystem.

“We’re an international body, and here today we have people from many different countries. The IMA really adds value – it’s not only about the certificate, but what also the members can bring to their working lives.

“What the CMA offers is different from CIMA over here, but I see it as complementary. CIMA works on IFRS and the European standards, whereas the IMA works on GAAP, the American standard.

“I was lucky enough to study in the UK, so I have covered IFRS, but particularly at larger organisations there are some things you need to report in a GAAP way, so you need to understand the difference between the two standards – that’s where we come in.”

 

For further information, joining instructions and a full list of fees visit the IMA website. Professional membership is currently US$230 a year, with discounts for certain groups including students.

About Tom Herbert

Tom is acting editor at AccountingWEB, responsible for all editorial content on the site. If you have any comments or suggestions for us get in touch.

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By c197
11th Feb 2017 14:51

With regard to the IMA I would highlight that their professional designation, CMA (USA) though a two part examintion of 8 hours in total requires a passing mark of 360 points out of 500 - i.e. 72%. CIMA even with its final case study exam based on pre-seen material is just 50%. All CMA holders have passed its examination. This is no longer true for CIMA/CGMA designation which, for the frist two years was available to any AICPA claiming knowledge with a $150 price tag. The fact that the whole CIMA/AICPA JV is illegal appears not to be of concern to such holders.

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By tom123
12th Feb 2017 18:50

This could be confusing for employers - after all, in industry (rather than practice) you can't really expect employers to be fully up to speed on the minutiae of how our profession is structured.

Mind you, management accountant is not a protected term - so anyone can be one.

I can't say I was that impressed by the whole CGMA thing, either - but maybe that was just me.

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By c197
12th Feb 2017 19:22

Employers may not enquire how a designation has been gained. For example, behind the 47000 holders of the new CGMA designation from the CIMA/AICPA JV these CPA’s of this USA body, the AICPA have no qualm in, for a small sum of money ($150), appending a ‘freebie’ alongside a well earned State CPA licence. Now the CIMA members are encouraged to show two designations e.g. A/FCMA, CGMA based on its one syllabus, “two for the price of one”. Terms may not be protected but neither do these two bodies show any concern for ‘designations’. Noting that 161 countries through their respective ‘standards bodies – BSI-ANSI’ have agreed a standard for those bodies granting designations (ISO 17024:2012) – both CIMA and the AICPA fail in this case.

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