The Interim Management Association
The Interim Management Association (IMA) officially launched the IMA Institute for career Interim Managers in January 2009, giving individual Interim Managers accountable and professional representation for the first time.
As members of the IMA Institute, individuals also become members of the IMA. Two categories of membership of the Institute (Full and Associate) recognise the need for representation both of the experienced, practising Interim, and executives starting out in a new career and requiring the support and guidance of the leading interim management trade body in the UK today.
The IMA was originally founded in the 1990s for providers of interim management, however, the IMA identified a need to raise the profile of this vital strategic resource in the market place and to develop professional benchmark criteria for Interim Managers themselves. Strict entry criteria and the Institute's robust professional code of conduct signify to clients the strong competence and performance potential of its members.
In addition to important representation on UK and EU legislation, such as money laundering and AWD, the IMA is keen to ensure that membership of the Institute provides Interims with a range of quality benefits that will improve their marketability and professional competencies.
Working with the Open University (OU), the Institute offers fully accredited educational resources, delivered via its acclaimed online facilities, as well as targeted half- and full-day workshops. The OU is currently working with the Institute to develop bespoke 3-4hr online modules to specifically address the development needs of core Interim skills.
Those skills have been academically researched in partnership with Saville Consulting, a leading International profiling firm, to determine the core competencies of successful Interim Managers and this validated benchmark is now available on the Institute website for members to assess their own levels and to further improve their marketability.
Membership of the IMA Institute provides individuals with a host of other practical advantages, not least an extremely competitive Professional Indemnity Insurance premium. "Our market research indicates that most Interims will save between £100-£200 on their annual premium," says David Harries of the IMA Institute. "We made sure that insurance providers understood Interim Management and the rates they have provided for Institute members are significantly competitive."
Benefits also embrace complementary Legal support for full members. This includes a comprehensive Legal Helpline and Litigation dispute support, which means that members have the comfort of knowing they are protected in the event of issues such as contract disputes or tax investigations.
In addition, the IMA Institute offers non-members the opportunity of exploring the marketplace through a highly interactive one-day workshop. It is designed for senior managers and executives, who are seeking to make an informed decision about a change of career into Interim Management, however, it goes much further by providing practical advice on how to make a fast start in the industry in the shortest time and by avoiding costly mistakes. It is run monthly in London by two experienced facilitators.
"The Institute's launch is a key milestone in the IMA's history, and an important step forward for the organisation, for the industry and for current and future Interim Managers," explains Paul Botting, IMA Chairman. "Interim Managers offer so much more than functional expertise, they offer a unique ability to successfully diagnose problems, deliver optimum results, and disengage leaving a legacy of sustainable success. The IMA is now, more than ever, the voice for the entire profession, and we continue to consolidate these efforts by demonstrating commitment to all members."
While the launch of the Institute is certainly good news for Interim Managers, Botting maintains that those hiring Interims also have a great deal to gain from this highly professional strategic resource.
"Although interim providers will continue to use their own selection criteria, being a member of the IMA Institute will signify that candidates are fully committed to interim as their chosen career path," he says. "Those hiring interims will benefit from impartial screening and competency profiling as we continue to attract talent from across all industries."
David Harries
IMA Institute
[email protected]