As part of its commitment to advancing the management accounting profession around the world, IMA released for public comment an Exposure Draft of its enhanced Management Accounting Competency Framework. The Framework identifies the competencies management accountants need to remain relevant in the age of increasing automation, robotics, and artificial intelligence. IMA members are invited to review the Framework and send their comments to framework@imanet.org before September 17, 2018.
The Framework proposes core knowledge, skills, and abilities that are recommended for management accountants in an age of technical disruption and changes in the profession. It offers an update of the initial Framework that IMA developed in 2016 and now includes six overarching domains:
- Strategic Management: How we envision
- Reporting and Control: How we oversee
- Technology and Analytics: How we enable
- Business Acumen and Operations: How we transform
- Leadership: How we inspire
- Professional Ethics and Values: How we guide
For each domain, there are specific competencies provided with relevant definitions. In total, the Framework proposes 33 competencies, some of which are new, value-added skills, such as strategic management, data analytics, data governance, and data visualization. The Framework is offered as guidance for career development and talent management within the profession.
“Today’s management accountants are being tasked with making decisions outside the realm of what were once considered traditional competencies,” said Jeff Thomson, CMA, CSCA, CAE, IMA president and CEO. “Indeed, if our profession is to remain relevant and influential both now and in the future, we must move faster than the pace of technological change and embrace this call to action to gain new skills. With this upgraded Framework, we have provided a road map for management accountants, serving as guidance for the skills they will need to do their jobs both today and tomorrow. I encourage all members to review the Framework and share their insights with us as we seek to define what it will mean to be successful in the digital age.”
IMA members are invited to share the Framework with their colleagues and organizations (a copy is available at www.imanet.org/framework) and submit comments to framework@imanet.org by the September deadline. After that time, IMA will publish a final version for the profession, define competency levels for specific job roles, and also expand the educational programs for career enrichment in its CareerDriver® tool.