I’m pleased to share with you that at the end of IMA’s fiscal year ended June 30, 2020, IMA® (Institute of Management Accountants) posted record results, showing significant resiliency in crisis and posting a strong increase in membership and CMA® (Certified Management Accountant) numbers in Europe. Since the close of FY 2020, IMA has maintained and continued to grow our membership globally. We also have made important advances in both CMA and continuing professional education (CPE) offerings.
Record Membership, CPE Growth
In Europe, membership increased by 8.5% year-on-year, and by as much as 64% in a 10-year comparison. For CMAs, which grew 7.6% over 2019, the 10-year growth rate is more than 90%. Candidates increased by 31% on a 10-year comparison, and by a sizable 18.7% percent over FY 2019. Across all non-U.S. regions, IMA's membership grew by 3% year-over-year, while CMAs grew by 17%. Candidates show an average annual growth of 14% over the past decade.
IMA offered more than 100 free CPE credits to members globally during this fiscal year, reflecting an 18% increase over FY 2019 and a total of more than 405,144 CPE hours. In Europe, there was a 108% increase in CPE credit hours compared to 2019. This result was realized primarily through virtual chapter events. In total, there were hundreds of such events worldwide to provide maximum support to those affected in times of COVID-19-related restrictions.
Importance of Digital Skills
Sustained long-term growth allows for continued investment in future offerings for CMAs, members, and candidates. An important milestone was the CMA 2020 exam, which includes strategic digital skills as well as career-relevant CPE courses focusing on data analytics, blockchain, and more.
Another characteristic of the 2020 fiscal year was a significantly stronger commitment to diversity and inclusion, which was reflected in the form of increased DE&I (Diversity, Equity, & Inclusion) initiatives. Among other things, we launched a new webpage, a special toolkit, and targeted training sessions.
Finally, we executed successful leadership initiatives in the areas of crisis management, technology, and sustainability in reporting, along with the opportunities offered for management accountants.
The pandemic has clearly shown how important digital skills are, especially in times like these. It’s critical to train financial experts for current and future challenges by high-quality offers - with appropriate skills in the areas of technology and analytics as well as many other capabilities that are increasingly relevant in the finance industry including ethical issues. We strive to continuously expand our success by ever developing our offerings.
IMA’s Fiscal 2020 Year in Review, titled “Stronger Together,” including comments from Christian Cuzick, CMA, 2019-2020 Chair of IMA’s Global Board of Directors, and Jeff Thomson, CMA, CSCA, CAE, IMA president and CEO, can be downloaded from the IMA website.
I wish you all the best as we continue to stay stronger together in 2021.