Before GPS devices became widespread in the 1990s, people used printed maps to plot their destination. It sounds shocking, but it was true. If you had to drive anywhere, you had to figure out the route yourself. There was no real-time data on traffic patterns or suggested routes to avoid construction. You did it all on your own. Guess what? You were lost quite a bit and often arrived at your destination much later than you expected.
The same thing happens in your career if you don’t have a guiding framework. You get lost. You end up in places you never intended to be. You give up before you reach your destination.
This is especially true in accounting and finance, where roles are growing more complex and skills-based hiring is accelerating. Enter the new IMA Competency Framework, a map to help you set goals, reroute when goals change, avoid dead ends, and track progress.
What Is It?
Ten areas or domains every accounting and finance professional must master to work in the fast-paced and challenging world of accounting and finance.
These domains include:
- Emerging Technology in Accounting
- Data Analytics and Insights
- Cybersecurity and Data Privacy
- Digital Transformation and Innovation
- Sustainable Business Practices and Governance
- Leadership
- Reporting and Control
- Professional Ethics and Values
- Strategy, Planning, and Performance
- Business Acumen and Operations
Each of the domains has more granular embedded competencies, like AI in Financial Operations (under Emerging Technology in Accounting) or Data Governance (in Data Analytics and Insights). For a full break-down of the domains and competencies, click here.
How Can It Be Used?
Let’s use the example of an early-career staff accountant. With the skill set this accountant has, he/she could move laterally to another early career role, like a financial analyst. But by acquiring new skills outlined in the framework, he/she might choose to aim higher, like a senior accountant or accounting manager role.
Why Did IMA Introduce This New Framework Now?
The profession is evolving rapidly. We’re seeing emerging technologies like AI and automation reshape what it means to be a management accountant. At the same time, employers are placing greater emphasis on applied skills, adaptability, and lifelong learning.
We refreshed the Competency Framework now to ensure it reflects the realities of today’s workplace and prepares professionals for what’s next.
What Can the Framework Identify?
- Gaps in your skills
- What “good” looks like at every career level
- Missed opportunities for certification or training
- Misalignment with roles
- Clear strengths in your skills
Know where you stand in your career so you can more effectively advocate for yourself. Focus your learning and continuing education on the skills that matter. Prepare for new challenges like AI or ESG reporting.
With a competency framework the road to your next career destination is much easier.