MONTVALE, N.J.--(BUSINESS WIRE)--With 2012 upon us, IMA®, the association of accountants and financial professionals in business, outlines trends that will impact the management accounting profession throughout the year.
“While many people may think of ‘accountants’ as public accountants during tax season, the reality is that the majority of accounting professionals work inside organizations in management accounting roles such as financial analyst, financial manager, controller or CFO,” said Jeff Thomson, CMA, IMA president and CEO. “These professionals can expect unique challenges, as well as opportunities, in 2012, as they hold a broad range of responsibilities such as planning and budgeting, analysis, control and decision support.
Increased Job Prospects for Accountants
The accounting profession is projected to experience a 22 percent growth in employment by 2018, according to the 2010-11 edition of the Department of Labor’s Occupational Outlook Handbook, yet according to a recent Monster.com article “Accounting/Financial Analysts” was listed as one of the top jobs that are hard to fill.
“The challenges hiring managers face point to the importance of accounting certifications backed by a rigorous exam, which offer proof that a candidate has mastered the skills necessary to succeed on the job,” added Mr. Thomson.
IMA’s 2010 Annual Salary Survey reveals that those with a credential such as the CMA or CPA have greater earning power over the long-term than their non-certified counterparts ($135,695 vs. $108,938), demonstrating the value of certification. Follow this link to download a copy of the survey: http://www.discoverima.org/IMASALSUROPR.
Advancements in Technology
“Technologies such as XBRL (eXtensible Business Reporting Language) are changing the way accountants do day-to-day business,” said Mr. Thomson. “For example, XBRL will help shape future regulations and accountants should pursue continuing education in order to grasp these technologies.”
XBRL is a global, freely available, standardized data format for exchanging financial and business information in a machine-readable format. IMA believes XBRL will help both business and the U.S. government by creating a common format for the exchange and analysis of data.
To learn more about XBRL, follow this link to download “XBRL and ERM: Increasing Organizational Effectiveness,” co-authored by Mr. Thomson, which originally appeared in Strategic Finance: http://www.imanet.org/mgi/eXtensible_Business_Reporting_Language_PR.aspx.
About IMA® (Institute of Management Accountants)
IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 60,000 members in 120 countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. For more information about IMA, please visit www.imanet.org.