ima/cma program update northeast regional council conference 9/22/14 dennis whitney, cma senior vice...
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IMA/CMA Program UpdateNortheast Regional Council Conference 9/22/14
Dennis Whitney, CMASenior Vice President, ICMA®
Agenda
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IMA - Advancing the Global Profession1
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CMA Program Update
Marketing and Business Development
5 IMA Professional Development Update
IMA - A Year in Review
6 The Path Forward
IMA and Affiliates
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One Vision: To be the resource for developing, certifying, connecting, and supporting the world’s best accountants and financial professionals within businesses.
Mission Statements
IMA
“To provide a forum for research, practice development, education, knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance.”
ICMA
“To develop, administer, and promote certification designed to validate mastery of the relevant body of knowledge and practical skills of management accounting and finance professionals.”
Memorial Education Fund
“To accept bequests and gifts to support programs that further IMA member education and educational activities that further the profession of management accounting.”
IMA Research Foundation
“To develop and disseminate timely management accounting and financial management research findings that can be applied to current and emerging business issues.”
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Global Core Values
• Respect for the individual• Passion for serving members• Highest standards of integrity and trust• Teaming to achieve• Innovation and continuous improvement
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Strategic Goals
Three primary strategic goals drive our plan:
Create superior member value
Increase the penetration of the CMA® exam
Grow membership
Success with these goals will continue to result from a primary focus on the needs of our members, supported by strong internal processes and our capacity to learn and grow. Success also creates the financial resources that are the foundation for sustainable growth.
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• Strong growth in all areas – one of the fastest growing associations
• Strong balance sheet and reserves• Financial discipline and health leads to great things for all
stakeholders, especially our members• CMA program is the leading management accounting
certification in the world• Exclusive focus on management accounting for nearly a
century• Global expansion and strong partners • We are proud of our culture and core values
IMA: A Year in Review
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Global Footprint - 2014
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The Americas & Head Office
Staff – 80Members – 46,000CMAs – 16,000% New Candidates – 19%Exams – 4,700
Middle East Office
Staff – 7Members – 12,000CMAs – 2,100% New Candidates – 35%Exams – 7,300
Asia / Pacific Office
Staff – 13Members – 12,400CMAs – 2,600% New Candidates – 42%Exams – 10,700
Europe Office
Staff – 3Members – 2,600CMAs – 900% New Candidates – 4%Exams – 1,000
July August September October November December January February March April May June
FY10 58360 58581 58759 58,907 59243 59523 59796 63046 64671 64,619 64308 63,893
FY11 63794 63808 63975 64095 63792 64369 64007 63845 64120 64025 61985 60818
FY12 60618 61060 61609 62160 62260 63,223 63207 63415 63848 65492 65714 65099
FY13 64921 64878 65064 66390 66368 66149 66802 67525 66520 66821 67278 68200
FY14 67,011 66783 67666 68390 68408 69198 71271 71506 71049 70682 71345 72921
57000
59000
61000
63000
65000
67000
69000
71000
73000
75000
Total Membership Actuals FY10-FY14
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IMA Membership Growth
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Student Membership – 2010-2014
July August September October November December January February March April May June
FY10 3672 3602 4015 4378 4527 4448 4090 4096 4472 4452 4266 4040
FY11 3978 4017 4353 4897 4992 4661 4627 4824 5129 5180 4581 4234
FY12 4192 4206 4578 5156 5334 5083 4791 4977 5210 5361 5388 5134
FY13 5094 5103 5584 6314 6588 6544 6300 6344 6755 7032 7029 6974
FY14 6977 7130 7765 8495 8756 9151 8825 8955 9159 9223 9564 9820
3000
4000
5000
6000
7000
8000
9000
10000
11000
Student Membership FY10 - FY14
2014 2013 2012 2011 2010
Operating Revenue $ 25,504 $ 24,620 $ 22,881 $ 21,135 $ 20,341
Change in Net Assets $ 1,813 $ 930 $ 1,605 $ 439 $ 2,568
Net Assets $ 15,300 $ 13,487 $ 11,882 $ 11,443 $ 8,875
IMA Financial Summary
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($ in thousands)
• Growing revenues• Growing financial resources• Growing ability to support members in their careers
Contributions to Accounting Education
Management Accounting Section of the American Accounting Association (AAA), working to:
Define the competencies of accounting and finance professionals
Provide curriculum recommendations to universities
Curriculum mapping to identify paths to multiple certifications
Improve preparation of young accountants for careers inside businesses
Pathways Commission on Accounting Higher EducationRepresentation on task force commissioned by AAA and AICPA to study the future structure of higher education for the accounting profession
IMA Committee on Academic Relations (CAR)Developing quality standards for accounting education
Identifying and endorsing business programs that meet these standards
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University Student Support
• Scholarshipso Over $30,000 awarded each year
• University Student Chapterso 114 Student Chapters across the world
• Student Case Competitionso China - 400 teams (1500 participants!)o U.S. - 22 teamso Middle East - 20 teams
• Student Leadership Conferenceso Annual event in the U.S. since 1999o November 2013: Charlotte, NC, 580 students from 110 universitieso May 2014: Zurich, Switzerland, 17 students from 5 countries
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Promoting Management Accounting Curriculum
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IMA’s Academic Endorsement Program
•Recognizing schools that meet quality educational standards to prepare students for the CMA exam
•Launched in 2013
•Schools that have earned the endorsement:
Athens State University Johnson & Wales University-CharlotteBrigham Young University Michigan State UniversityCleary University Pennsylvania State UniversityClemson University University of FindlayDixie State University University of UtahEastern Oregon University Washington State University-Vancouver
Curriculum Mapping –Provides detail on which college courses prepare students for CMA exam topics–Can be used as a reference for academic endorsement application
CMA Program Success
The CMA program continues to grow globally in respect, influence, new CMAs and CMA candidates.
2014: Record numbers of New CMAs: 3,003 New CMA candidates: 14,662
Members and candidates in 140 countries
Five year annualized growth rate of nearly 30%
Prominent in the world’s two largest economies
NEW CMA Exam Content
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- External Financial Reporting Decisions
- Planning, Budgeting, and Forecasting
- Performance Management
- Cost Management
- Internal Controls
Part 1: Financial Reporting, Planning, Performance and Control
- Financial Statement Analysis
- Corporate Finance
- Decision Analysis
- Risk Management
- Investment Decisions
- Professional Ethics
Part 2: Financial Decision Making
Part 1 – Financial Reporting, Planning, Performance, and Control
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Performance Management
External Financial Reporting
Decisions
Planning, Budgeting and
Forecasting
Cost Management
Internal ControlsGovernance, risk, and compliance, internal auditing, systems
controls, and security measures
Part 2 – Financial Decision Making
Decision Analysis
Financial Statement Analysis
Corporate Finance
Risk Management
Investment Decisions Discounted cash flow analysis for capital investments
Professional EthicsEthical considerations for accounting and finance
professionals in business
Marketing Update
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Strategy Components
Branding
Targeted Acquisition
Digital Lead Acquisition
Provider Partnership
Branding
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Efforts driven via a progressive public
relations & social media approach
Platforms created via events,
statements, interviews, etc.
Platforms then covered and exposed
through media outlets globally
IMA/CMA exposed through
communities of tens of thousands of
potential members via social media
Targeted Acquisition
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Efforts executed to targeted
audiences we capture in a
variety of ways
Audiences are hit both digitally,
and via postal mail
Various offers are tested, and
we leverage our continuing
spend on the most successful
offers
Digital Lead Acquisition
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Execute a strategic, global plan to
acquire leads
The strategy leverages prospect
interest in thought leadership
Campaigns driven by a substantial
digital advertising spend, so
complements branding efforts
Leads acquired are then added to
the Targeted Acquisition plan.
Review Course Provider Partnerships
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Partnership networks created in all
global regions
Rely on marketing plans and
campaigns of network to
compliment IMA campaign, and
expand CMA messaging
Work with providers cooperatively
to develop markets, create
candidate incentives, etc.
IMA Business Development Eco System
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15 Business
Development Staff
200 Professional
MemberChapters
100 Student Member Chapters
12Endorsed
Universities
115 Global
Providers
11 Strategic Partners
Corporate Activity
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Corporateo Underwritten researcho Direct lead development
(leveraging thought leadership content through Salesforce)
o Corporate recognition events
o Renewed volunteer committee approach
Influencers
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Campus Outreacho Academic Endorsement Programo Management accounting degree programso Campus Advocate Programo CMA scholarshipso IMA student chapters
Course Providers (non-credit)o Directors of continuing, professional, and executive education
functionso Private course providers
Course Providers (for credit)o Accounting chairs and professors
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ECS Research
Publications
ICMA
Strategic Asset: Content Creation Team
ECS Research
Thematic alignment produces synergies and allows members to explore important topics in different media.
Cross-Functional Leverage of Assets: Courses
COMING SOON: NEW ETHICS COURSE!
SUSTAINABILITY
FP&A SERIES
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IMALA Product Snapshot
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Leadership Academy is a valuable IMA product offering leadership profile setup, stand-alone courses, mentoring, and recognition.
Components:Leadership Profiles on IMALA website 22 Stand-alone Course Offerings
Includes PPT slides, leader & participant guidesTopic range: Leadership, Coaching, Team Skills, Change, Delegation, etc.
Recognition Program IMA Mentor/Mentee NetworkStrategic Finance Leadership ColumnsVolunteer Structure
• Aggressive global expansion of the CMA program
• Member retention and loyalty in all regions through delivery of valuable products and services
• Increased emphasis on the Student / Academic market to reach the Young Professional of tomorrow
• Development of internal competencies including the mastery of technology that directly impacts members
The Strategy – in a “nutshell”
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