If you work or own a company in the management accounting industry, you would do well to partner with managerial accounting associations to strengthen your business expertise and credibility. Industry organizations bring together professionals with similar goals and challenges. Members of industry organizations come from all company divisions, but all share the same objective of expanding their knowledge.

Becoming a member of the right organization opens the door to a wealth of expertise. You will be exposed to many networking opportunities, information and resources. Additionally, managerial accounting groups may also provide invaluable services that include new products, education opportunities and industry support. When looking for membership with a council for managerial accounting, remember the following:

1. Make sure the managerial accounting organization you're interested in is credible. Check the Better Business Bureau or other industry accreditations.

2. Many organizations don’t stipulate membership for certification.

3. Most organizations charge fees for memberships, so make sure you’re getting your money’s worth before you pay.

Action Steps
The best contacts and resources to help you get it done

Become a member of an accredited managerial accounting council

Although many organizations offer information, tools and resources to non-members, you can benefit substantially from becoming a member. Membership opens the door to additional services, products and representation. Register as a business rather than as just an individual, if possible, so your employees can benefit from the membership.

I recommend: The Financial Management Association offers a few membership options so you can select the one that meets your needs. The International Federation of Accountants (IFAC) provides online access to industry resources for accounting professionals.

Take advantage of certification benefits provided by management accounting associations

Progress stops for no one, and you need to advance as a professional by keeping your industry skills sharp and current. Take advantage of educational programs and tools to assist you and your employees in knowledge development and career advancement. Many managerial accounting organizations offer information on upcoming seminars, conferences, business development courses and other industry-related programs, in addition to industry certifications.

I recommend: The Financial Managers Society offers on-demand education courses to a variety of accounting experts in the management field. The Institute of Management Accountants administers the test that puts the "certification" in certified management accountant (CMA).

Pick management accounting organizations with online resources and tools you can use

You can improve the efficiency and effectiveness of your business by picking an organization that offers online access to member tools and resources. Many organizations offer newsletters containing up-to-date industry news on industry issues and trends. Additionally, you'll have access to a job center, industry publications and industry mentors.

I recommend: The Management Accounting Section of the American Accounting Association provides industry resources for management accounting professionals. The Management Accounting Information Center offers a very generous listing of management accounting links that cover all areas of the specialty.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you're considering a management accounting organization for its online resources, look for one with an active forum where you can discuss issues with industry experts in real time.