Century-old IMA retains strong leadership in advancing accounting and finance profession

The Institute of Management Accountants, or IMA, is one of the largest and most respected associations focused exclusively on advancing management accounting professionals. Throughout its 100-year history, IMA has supported the profession through research, its Certified Management Accountant program and advocacy of the highest ethical and professional standards. Jeffrey C. Thomson, president and CEO of IMA, shared with China Daily his views on how IMA can continue to support the development of management accounting talent in China.

What is IMA's vision and mission?

IMA has a global network of more than 125,000 professionals, students and academics around the world. It sets out to be a leading resource for developing, certifying, connecting, and supporting the world's best accountants and financial professionals in business.

Our mission is to provide a forum for research, education, knowledge sharing and advocacy of the highest ethical and best business practices in management accounting and finance.

IMA has been operating in China for nearly 13 years and has established three offices in Beijing, Shanghai, and Shenzhen in Guangdong province including a bilingual staff of more than 30 Chinese nationals. We have more than 70,000 CMAs and candidates as part of our community in China.

How do you evaluate the role of management accounting?

Accounting and finance professionals, especially management accountants, play a leading role in anticipating what's on the horizon, helping their organizations envision a great future. It includes strategic planning, decision support, and internal controls. It is important for them to not only understand how the organization has performed in the past, but also how the future will be. Areas they evaluate include the creation of value involving a datadriven approach complemented by sound business judgment. Professionals are also required to work closely with the CEOs of organizations and the rest of the value chain to deliver strategic value in a technologically enhanced and automated workplace.

How does IMA support the talent development of management accounting in China?

In China, IMA is the only accounting and finance organization to offer bilingual services. We translate the CMA exam and preparatory materials into simplified Chinese. Our website, research and publications, and continuing education are also bilingual.

We have awarded more than 1,000 CMA scholarships and have worked with several prestigious universities nationwide on the IMA Higher Education Endorsement Program which signifies programs that provide the rigorous curriculum needed for students to prepare for successful careers in management accounting.

What will be the future development trend of management accounting in China? What is IMA's expectation for the Chinese market?

IMA is very confident that we will be part of the journey to meet the growing need to enhance management accounting talent in China. For us, that means investing in the market and future of our professionals, candidates and academics. The Chinese government has actively and openly supported management accounting talent development, and in so doing, has exemplified "tone at the top" around the world. We are proud to be part of the management accounting ecosystem in China.

Could you give us an example of new technology that has had an impact on accounting and finance professionals?

The impact of technology is being felt in every area of the accounting profession - including public, corporate and governmental. Technology allows more time on value-added and forward-looking activities. For example, robotics process automation is a technology used in auditing, in transaction processing and in the monthly financial closing process. That means some work will be displaced.

If a person can excel in areas like strategy management and data science, analytics, visualization and storytelling, and work as business partners to create greater outcomes for the organization and for society, then they are adding true business value.

IMA's CMA program is being updated for 2020 to include more in technology and analytics. Our broader Management Accounting Competency Framework that guides all our training and education programs has also been updated in technology and analytics, as well as ethics.

Do you have any suggestions for improving skill sets in the modern era of technology that is constantly updating?

Management accounting involves more insight and foresight which is hardly replaceable by machines. The differentiating role of accountants is in value creation, leveraging their expected role in value stewardship including safeguarding of assets and internal controls. Finance professionals need the skills for providing enhanced reporting of risk exposures, reporting information to inform decisions on deploying capital to grow the business profitably, supporting the long-term value creation for their enterprises, and communicating the ways in which "strategic" accounting can promote the success of enterprise leaders.

The CMA program prepares management accountants with the skills they need to deliver strategic value. It demonstrates a professional's expertise and proficiency in skills that are in high demand by organizations around the world.

Is there any difference for the roles and responsibilities of CFOs in enterprises considering different markets, business types and size? What do you think makes an outstanding CFO?

There are differences from one industry to another and from one company to another, but the commonality is the need for good risk management, good internal controls, good financial planning, and strategic analysis.

CFOs can be regarded as "chief future officers" and "chief value officers", who have expanded roles such as strategy, forecasting and corporate financial planning. CFOs and other senior financial executives are challenged to fill accounting and finance positions with increasingly strategic responsibilities.

IMA is the association that helps professionals and organizations address the skills gaps and help them better prepare for the future.