The Institute of Management Accountants recently announced that it was expanding its competency framework for accounting and finance professionals.
More details are scheduled to be provided today during the panel discussion, “Bridging Knowledge & Practice: The IMA Management Accounting Competency Framework as a Guide for the Future,” at the IMA 2025 Accounting & Finance Conference in Scottsdale, AZ, which began on June 22 and concludes today.
The IMA Management Accounting Competency Framework outlines the skills required by the most common accounting and finance roles, such as CFO, controller, treasurer, financial analyst, director of cost accounting, senior accountants, and staff accountant. The blueprint identifies six areas, or domains, of the core body of knowledge needed by accounting and finance professionals:
- Leadership
- Strategy, planning, and performance
- Reporting and control
- Business acumen and operations
- Technology and analytics
- Professional ethics and values
The expanded framework builds on the current domains and responds to evolving realities, ensuring practitioners remain trusted strategic business partners who safeguard and create value, the IMA said.
The new framework expands to include skills that have become essential in today’s business environment. These broader, cross-functional skills are critical for finance and accounting professionals to succeed as the profession evolves, the IMA stated. These skills also help the IMA connect with professionals in related fields, such as data analysis, business operations, information technology, and project management, who work closely with finance teams and share similar goals and challenges, the organization added.
“The IMA Competency Framework is a fresh, future-ready blueprint designed to guide your growth and development. It’s built to reflect where accounting and finance are going, not just where they’ve been, and the skills and competencies required for success. It’s about giving professionals the confidence and clarity to own their next move and the knowledge and tools to prove it,” Michael DePrisco, president and CEO of the IMA, said in a statement on June 22.
The expanded competency framework is also scheduled to be discussed during the American Accounting Association’s Annual Meeting in Chicago, Aug. 2 to 6, 2025.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
