Chartered Institute of Management Accountants

The Chartered Institute of Management Accountants stands in London as the world’s largest and oldest body for management accountants. Founded in March 1919 by legal professionals and business leaders, it began as the Institute of Cost and Works Accountants to meet the needs of large industrial firms. Employers sought accountants who could analyse costs and operations, not just prepare accounts. Early support came from industrialists such as Lord Leverhulme, who became its president. By 1975 the institute received a Royal charter, recognising management accounting as a distinct profession. The institute’s work shapes how businesses worldwide make decisions. In 2012 it joined with the American Institute of Certified Public Accountants to create the Chartered Global Management Accountant designation. Over 150,000 professionals now hold this qualification, which has master’s-degree standing in the UK. In 2014 the Global Management Accounting Principles were launched with backing from business leaders including Ian King of BAE Systems. Two years later CIMA sponsored the first management accounting standard, developed with input from organisations such as Sky, the NHS and Siemens. Visitors to the London headquarters find a modern professional body rather than a museum. The building houses the governing council, qualification teams and research staff who develop new techniques. Members receive a monthly journal called Financial Management, while regional branches organise local training and events. The institute’s library and archives preserve records from its early years, including documents signed by Lord Leverhulme. Outside, the area around Moorgate offers cafés and transport links, placing the institute at the heart of the City’s financial district.