[1] In 1959, the need for a professional and learned body for mathematics and its applications was recognised independently by both Sir James Lighthill and a committee of the heads of the mathematics departments of several colleges of technology together with some interested mathematicians from universities, industry and government research establishments.

[2] After much discussion, the name and constitution of the institute were confirmed in 1963, and the IMA was approved as a company limited by guarantee on 23 April 1964.

Qualifications include a minimum of seven years experience and hold a senior managerial or technical position involving the use of, or training in, mathematics.

[9] The institute may also nominate individuals for the award of Chartered Scientist (CSci) under license from the Science Council.

[12] The IMA also publishes conference proceedings, monographs and special interest group newsletters.

[16] The IMA operates a Programme Approval Scheme, which provides an 'approval in principle' for degree courses that meet the educational requirements for Chartered Mathematician.

The programmes also need to meet the QAA benchmark for Mathematics and the Framework for High Education Qualification.

The IMA awards the Leslie Fox Prize for Numerical Analysis, the Catherine Richards Prize for the best articles in Mathematics Today, the John Blake University Teaching Medal and the IMA Gold Medal[22] for outstanding contribution to mathematics and its applications over the years.

[26] The IMA has representatives on Bath University Court, Bradford University Court, Cranfield University Court, Engineering Technology Board and Engineering Council, Engineering and Physical Sciences Research Council, EPSRC Public Understanding of Science Committee, Heads of Departments of Mathematical Sciences, International Council for Industrial and Applied Mathematics, Joint Mathematical Council, LMS Computer Science Committee, LMS International Affairs Committee, LMS Women in Maths Committee, Maths, Stats & OR Network (part of the HEA), Parliamentary and Scientific Committee, Qualifications and Curriculum Authority, Science Council, Science Council Registration Authority, The Association of Management Sciences (TAMS) and University of Wales, Swansea Court[27]