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Bridging Talent Gap Key to Proposed IMA Framework

Jul 21st 2016
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The Institute of Management Accountants (IMA) has released a proposed framework for management accounting competency.

Comments can be submitted through Aug. 31 to [email protected].

The framework was released to coincide with the 30th anniversary of the Bedford Report, a study by the American Accounting Association that acknowledged “the gap between what accountants do and what accounting educators teach,” the proposal states, and the IMA seeks to bridge the skills gap.

“For three decades, IMA has been focused on real-world solutions to the growing talent gap that has evolved with the expectations of the CFO growing beyond value preservation to include value creation,” IMA President and CEO Jeff Thomson, CMA, CAE, said in a prepared statement. “This framework, and its underlying career-enhancing development resources, will help close the talent gap to the benefit of organizations and society.”

Unique to the framework is the “ecosystem” approach that the IMA applies to the talent challenge, which gives academia, employers and corporations, and associations a stake in the game, Thomson said.

The framework targets five core competencies required for the credential of Certified Management Accountant and accountants overall.

Those competencies are:

1.Planning and reporting. Envisioning the future, measuring performance, and reporting financial results. This group of competencies targets:

  • Financial recordkeeping and financial statement preparation
  • Strategic and tactical planning
  • Forecasting, budgeting, performance management, cost accounting and cost management, and internal controls
  • Tax accounting, management, and planning

2.Decision-making. Guiding decisions, managing risk, and establishing an ethical environment. This pertains to:

  • Financial statement analysis
  • Corporate finance
  • Operational decision analysis
  • Enterprise risk management
  • Capital investment decisions
  • Ethics

3. Technology. Managing technology and information systems to allow effective operations. This pertains to enterprise resource planning and general ledger systems, and information systems and software literacy.

4.Operations. Contributing as a cross-functional business partner to transform company operations. This targets industry and operational knowledge, as well as quality and project management.

5.Leadership. Collaborating with others and inspiring teams to achieve goals. This involves:

  • Motivating others
  • Communication skills
  • Change and talent management
  • Teamwork
  • Negotiation
  • Conflict management
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