The history of the Chartered Institute of Management Accountants (CIMA) traces back to its founding in 1919 in the United Kingdom. Originally established as the Institute of Cost and Works Accountants (ICWA), CIMA underwent several transformations before adopting its current name in 1986. Unlike traditional accounting, which focused primarily on financial reporting for external stakeholders, management accounting was concerned with providing information to support internal decision-making, planning, and control within organisations. CIMA was established to create a professional body that could set standards, provide training, and promote the value of management accountants in business.
CIMA’s creation was driven by the growing complexity of business and industry in the early twentieth century. Following World War I, companies required accountants who could go beyond recording transactions and instead analyse financial data to guide strategic decisions. This focus on management support was a significant departure from the conventional role of accountants at the time, reflecting the increasing importance of efficiency, cost control, and informed business planning.
Over the years, CIMA has developed a comprehensive professional qualification that combines accounting, finance, and business management. Members are trained not only in technical accounting skills but also in strategic thinking, risk management, and leadership, equipping them to contribute to decision-making at all levels of an organisation. This holistic approach has helped CIMA members become valued partners in business performance, rather than simply record-keepers.
Today, CIMA is recognised globally as one of the leading professional bodies for management accountants, with members in more than 180 countries. Its emphasis on ethical practice, strategic insight, and business-focused accounting has made it a key institution for anyone seeking a career in management accounting. By providing both professional standards and practical guidance, CIMA continues to shape the role of accountants as strategic advisers in modern business.
