The Institute of Management Accountants (IMA) launched a new certification on Nov. 29 focused on foundational financial and managerial accounting knowledge.

The Financial and Managerial Accounting Associate (FMAA) certification instills the fundamental knowledge and competencies in accounting and finance, allowing professionals early in their careers to showcase their expertise to employers and build a foundation to expand their skills, according to the IMA.

“The FMAA provides a flexible and practical path for individuals who want to prove their ability to speak the language of business with current and future employers,” Mike DePrisco, president and CEO of IMA, said in a statement. “As knowledge of accounting fundamentals becomes more critical for businesses and coupled with the shortage of professionals pursuing accounting and finance careers, the FMAA minimizes traditional barriers to entry and opens opportunities to others from across other professions and industries.”

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Those who acquire the FMAA will build knowledge in five content domains:

General accounting and financial management
Financial statement preparation and analysis
Planning and budgeting
Cost management and performance metrics
Professional ethics

The two-hour exam includes 80 multiple-choice questions. The FMAA has no prerequisites to pursue the certification, the IMA said.

“The FMAA is an innovative opportunity for professionals to acquire essential accounting and finance skills for everyday use in the workplace,” said Ella Suponitskiy, CMA, CPA, CAE, vice president of certification at IMA. “With its accessibility to all business professionals, regardless of educational background, the FMAA is the perfect entry point into the accounting and finance profession. The FMAA allows individuals to start their careers with impact as certified professionals.”

Registration for the FMAA will open in January 2024 for the initial testing windows of March 2024 in English and May 2024 in Chinese. Exams will take place globally at Prometric testing centers.

For more information about the FMAA, visit https://www.imanet.org/FMAA-Campaign.

Accounting