IMA-DIFC partnership to boost finance professionals in the Middle East
Via several focused initiatives
Headquartered in Montvale, New Jersey, United States, the Institute of Management Accountants (IMA) is a prominent global nonprofit organisation dedicated to advancing the skills of accounting and finance professionals worldwide.
With 130,000+ members across 150 countries and 350 chapters, IMA provides resources such as certification programmes (CMA, CSCA, FMAA), research, continuing education, and advocacy for ethical business practices.
The IMA operates through six global regions: The Americas, China, Europe, the Middle East/North Africa, India, and Asia-Pacific.
IMA is also committed to strengthening finance and accounting professionals in the Middle East through an MoU with DIFC Academy, the Dubai International Financial Centre (DIFC) educational platform. The collaboration, formalised at Dubai FinTech Summit 2024, empowers finance professionals through specialised programmes, knowledge sharing, and mutual growth.
An exclusive interview in Dubai with Michael DePrisco, President & CEO of IMA.
Excerpts from the interview:
Could you tell us more about the new IMA-DIFC partnership?
We are incredibly thrilled about the MoU we recently signed with DIFC Academy. This partnership is not just a step forward but a strategic leap that aligns closely with our mission of preparing accounting and finance professionals for the future.
From our perspective, the primary focus of this partnership is to enhance the development of finance and accounting professionals in the Middle East. We aim to achieve this through specialised programmes, facilitating knowledge sharing, and creating opportunities for mutual growth. The challenges we are addressing—skilling, competency development, or staying ahead of the curve with emerging technologies—are relevant to this region.
Our relationship with DIFC is symbiotic. We look forward to collaborating on research, sharing knowledge, and working on community development initiatives. Together, we hope to help solve the talent and skills gap many regional organisations are grappling with.
What are the Middle Eastern market’s key accounting and finance issues, and how does IMA operate globally to address them?
IMA is a 105-year-old organisation with a strong membership base of over 130,000 professionals across six regions globally. The US, China, India, and the Middle East are our largest markets.
As I travel worldwide and meet with CFOs, I consistently hear three key concerns that cut across regions, including the Middle East. This global perspective allows us to address these issues with a broad understanding and a sense of unity.
- The role of AI and emerging technologies: The impact of AI on accounting and finance is one of the most pressing issues. From fears about job displacement to questions about which skills are needed to work alongside AI, professionals in the Middle East region are keen to understand how they can adapt and leverage these technologies to benefit their organisations.
- Sustainability: With new climate-related standards being introduced globally, finance professionals face increasing demands to adopt sustainability practices. This is a key area of focus for us, and we see it as a significant topic of conversation in the Middle East.
- Talent development: Finding and nurturing talent is another major challenge. It is not just about recruitment but about equipping professionals with the right skills to succeed in the future.
In the Middle East, these issues take on additional dimensions. While the region shares many global concerns, there are local and cultural elements to consider when addressing these challenges. We need to be mindful of the specific needs of our region members, from how we engage with them to the types of programmes we offer.
What are the main challenges for IMA in the Middle East?
Yes, there are a few unique challenges in the Middle East. First and foremost, we are committed to understanding the local issues and pain points. While the global themes—like AI, sustainability, and talent—are relevant, there are cultural and regional nuances we need to consider to deliver real value.
For example, we have a highly active membership community in the Middle East, with an extensive chapter in Dubai. Volunteers run these chapters, providing an excellent platform for people to connect, learn, and grow. We focus on empowering these local chapters to offer meaningful opportunities for networking and professional development.
Secondly, there is a lot of competition in this market. Other organisations offer similar certifications, so we need to differentiate ourselves. The key to our differentiation is the global credibility of the CMA (Certified Management Accountant) certification, recognised worldwide. IMA’s unique value proposition lies in offering a globally relevant accreditation that does not just cater to one country or market. This reassures our members that they are part of an association with a strong global standing.
Finally, the Middle East is a diverse region with varying needs across different countries. We are not dealing with a one-size-fits-all market. So, understanding where to focus our efforts and limited resources to make the most significant impact is crucial. The UAE, for example, has a well-developed financial ecosystem, but other parts of the region may require a different approach.
Are there specific factors that set the Middle East apart from other markets you serve globally?
Yes, absolutely. One of the most striking aspects of the Middle East is the willingness to invest resources to drive positive change. We do not see this government support and investment level in every market. Governments in the Middle East are making a concerted effort to foster innovation, sustainability, and economic growth by backing initiatives with both funding and strategic direction.
This investment creates a unique opportunity for organisations like IMA to partner with the public and private sectors. By collaborating with government-backed organisations and initiatives, we can help drive the development of the finance and accounting professions in line with the region’s goals. Given the enthusiasm and momentum surrounding business transformation and development, it is an exciting time to be working here. We hope to share this excitement and optimism about the future with our members.
The Middle East has made great strides in empowering women in various sectors. What is IMA’s role in this respect, especially regarding women’s leadership in finance and accounting?
This is a subject close to our hearts. At IMA, we believe in inclusivity and diversity at every level of our organisation. The president of our Dubai chapter is a woman, and we have many young, early-to-mid-career women in leadership roles. This is very much a reflection of our broader commitment to empowering women in the accounting and finance fields.
Globally, we run a Women’s Leadership Summit twice a year, which serves as a platform for women to connect, learn, and be inspired by female leaders in the finance and accounting profession. These events feature top female CFOs, CEOs, and finance leaders who share their experiences and insights, encouraging others to follow in their footsteps. We also publish research on diversity, equity, and inclusion, which informs how we engage with our members and develop programs.
We see a growing appetite for women’s empowerment initiatives in the Middle East, and we are proud to play an active role in this movement. Many of our local initiatives, such as the Women’s Leadership Summit, resonate well with our members here and contribute to making the region’s finance and accounting sector more inclusive.
The Middle East is seeing rapid growth in high-tech industries. How do you see emerging sectors, such as fintech and blockchain, influencing the region’s future of accounting and finance?
The rise of high-tech industries is undoubtedly a major driver of change in the region. We are seeing strong growth in fintech, cybersecurity, and blockchain—technologies that will undoubtedly profoundly impact the accounting and finance professions. The increasing use of AI, for instance, is transforming everything from financial reporting to budgeting and forecasting, and it will continue to shape how finance professionals operate.
Regarding sectors, I would point to fintech as a high-growth area. The Middle East is already a global leader in digital payments, and that trend will continue. Blockchain, too, is starting to gain traction, particularly in areas like auditing and financial reporting, where its transparency and immutability offer significant advantages.
With all this change on the horizon, what are IMA’s plans for the next five years in the Middle East?
In the next five years, we will strengthen our presence in the Middle East by expanding our B2B offerings. Historically, IMA has been focused on serving individuals and helping them with certification and professional development.
But we are hearing from organisations now that they are looking for ways to upskill their entire teams. We recently launched a corporate membership programme, allowing companies to enrol their teams and receive tailored learning content through a dedicated portal. This will enable organisations to address specific talent development needs, whether it is in blockchain, cybersecurity, sustainability, or any other emerging area.
In addition to the B2B expansion, we are doubling the promotion of our CMA certification in the region. We see it as a global passport for finance professionals, and there is a growing recognition of its value in the Middle East.
Finally, we continuously seek to evolve and meet the market’s needs. This means not just offering traditional certifications but also exploring new areas such as business acumen and strategic analysis. We are introducing new certifications like the FMAA (Financial and Managerial Accounting Associate) to support early-career professionals.
Hero image: Michael DePrisco, President & CEO of the Institute of Management Accountants, in Dubai on December 10, 2024. Credit: Arnold Pinto
