Locate and summarize the following topics: Who and what is the Institute of Management Accountants?...

Locate and summarize the following topics:

Who and what is the Institute of Management Accountants?

What is the purpose (mission) of the organization?

How many members are there and, generally, where are they located?

Identify the closest chapter to your home or place of business.

Describe the CMA certification.

What are some of the benefits of obtaining the CMA certification?

What are the requirements of obtaining the CMA?

Are there any continuing education requirements?

What is the average salary advantage that CMAs have?

What is your understanding of the difference between a CMA and a CPA certification?

Solutions

Expert Solution

The answer to all the question are below in the Table:

S.NO	QUESTIONS	ANSWER
1)	Who and what is the Institute of Management Accountants?	The Institute of Management Accountants is the topmost association for Accountant and Finance Professionals and it offers prestigious designation that is Certified Management Accountant.The IMA is a global Association of Finanace and Accountant Professional who works at Non profit,Public,Private and also Academic instituion.
2)	What is the purpose (mission) of the organization?	he Institute of Management Accountant mission is Education and Develpment in Management Accountant and Finance along with the best Business practises and highest Ethic and offering a Forum for various Research and Development
3)	How many members are there and, generally, where are they located?	At the end of he Fiscal Year It has a Global member of around 1.12lakhs member and also has 300 professional and student chapter worldwide.
4)	Identify the closest chapter to your home or place of business.	IMA 300+ chapter and council for students and professionals around the globe offers services both at the local level including profession education program as well as mentoring and community services
5)	Describe the CMA certification.	Certified Management Accountant is a professional certification in the field of Management Accounting And Financal Management and it signifies that the person holding the certificate possess knowledge in the field of Management Accounting And Financal Management, Decision support,Analysis ETC
6)	What are some of the benefits of obtaining the CMA certification?	1)The major benefit of CMA certification is that it is considered to be the best Accounting and Management certification. 2)It provides tremendous Growth Oppurtunities 3)It also provides a GloBAL Oppurtunities which in return leads to making of more money.Based on a data ,professional with CMA certification earns more than as compared to non certified peers.
7)	What are the requirements of obtaining the CMA?	1)Join the Institute of Management Accountant 2)Enroll in CMA 3)Have a four year degree from a college or university 4)At least 2 years of exprerience in Management Accounting and Finanacial Management
8)	Are there any continuing education requirements?	CMA have to complete 30 hours of continuing professional education at least 2 hours must be of Ethics
9)	What is the average salary advantage that CMAs have?	Average annual salary of $33,750
10)	What is your understanding of the difference between a CMA and a CPA certification?	CPA IS Certified Public Accountant where as CMA IS Certified Management Accountant. CPA is mainly an regulator or auditor of an organisation where as CMA looks after the Management Part of the business CMA is applicable to those who deals with mostly Cost and Inventory Accounting.

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