CMA US · Ethics
CMA US ethics requirement
Every CMA candidate and IMA member must follow IMA's Statement of Ethical Professional Practice: four principles (honesty, fairness, objectivity, responsibility) and four standards (competence, confidentiality, integrity, credibility). Ethics is also tested in Part 2, Section F (15% of the exam).
Why it matters
Commitment to ethical practice
The CMA designation is a mark of professional excellence and integrity. All IMA members and all CMA candidates must abide by the principles and standards in IMA's Statement of Ethical Professional Practice. Failure to comply may lead to disciplinary action.
The four overarching principles
- Honesty
- Fairness
- Objectivity
- Responsibility
The standards
Standards of ethical conduct
Four standards every management accountant must uphold. Each member has a responsibility to:
I. Competence
- Maintain an appropriate level of professional leadership and expertise by enhancing knowledge and skills.
- Perform professional duties in accordance with relevant laws, regulations and technical standards.
- Provide decision support information and recommendations that are accurate, clear, concise and timely.
- Recognise and help manage risk.
II. Confidentiality
- Keep information confidential except when disclosure is authorised or legally required.
- Inform all relevant parties about appropriate use of confidential information, and monitor compliance.
- Refrain from using confidential information for unethical or illegal advantage.
III. Integrity
- Mitigate actual conflicts of interest, and communicate regularly with business associates to avoid apparent ones.
- Refrain from any conduct that would prejudice carrying out duties ethically.
- Abstain from engaging in or supporting any activity that might discredit the profession.
IV. Credibility
- Communicate information fairly and objectively.
- Provide all relevant information that could reasonably be expected to influence an intended user's understanding.
- Disclose delays or deficiencies in information, timeliness, processing or internal controls.
- Communicate professional limitations or other constraints that would preclude responsible judgement.
Full statement: IMA website.
In practice
Resolving an ethical conflict
Follow your organisation's policy on resolving ethical conflicts first. If that does not resolve it, IMA recommends:
- Discuss the issue with your immediate supervisor, unless the supervisor appears to be involved; then take it to the next management level.
- If it is not resolved when first presented, submit it to the next management level.
- If your immediate superior is the CEO or equivalent, the reviewing authority may be a group such as the audit committee, executive committee, board of directors, board of trustees or owners.
- Contacting authorities or people outside the organisation is not appropriate unless you believe there is a clear violation of the law.
- For more guidance, use IMA's anonymous, confidential ethics helpline and/or seek your own legal counsel.
Related: Part 2 syllabus (Section F: Professional Ethics) · experience requirement · CMA US FAQs (CMAs need 2 ethics hours in their 30 annual CPE hours)
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