Clair M. Raubenstine, who served as President (now Chair) of the IMA® (Institute of Management Accountants) Global Board of Directors in 1996-1997, passed away on January 8, 2024, at the age of 82.
Raubenstine was born in Hanover, Pa., and resided in Pennsylvania his entire life. He was an IMA member for nearly 60 years, joining the organization two years after graduating (cum laude) from Rider College in New Jersey in 1963 with a degree in accounting. He began his professional career right after college at the Philadelphia office of Lybrand, Ross Bros. & Montgomery, which, through mergers, became Coopers & Lybrand and finally PricewaterhouseCoopers (PwC). He was admitted to the partnership in 1975 and retired from PwC in 2002.
Raubenstine and his daughter Amanda during her induction ceremony into Beta Alpha Psi at Rider University.
During his 39 years in public accounting, Raubenstine worked with multinational companies across various industries. Post-retirement, he served as executive vice president and CFO of PHH Corporation, now a wholly owned subsidiary of Ocwen Financial Corporation. During his tenure, he successfully performed the objectives for which he was hired, including the restatement of five years of financial statements, remediation of six material weaknesses in internal control, and the reinstatement as a timely filer with the U.S. Securities & Exchange Commission.
Raubenstine earned the CMA® (Certified Management Accountant) in 1992 and the CFM® (Certified Financial Manager) in 1999. Prior to being named IMA President, he served IMA at the national, chapter, and council levels. He was a member of IMA’s North Penn Chapter until his passing, and he helped to found IMA’s Mid-Atlantic Council, where he eventually served as president. He also served as national director (1976-1978); national vice president (1981-1982); Finance Committee chair, 1986-1991; national treasurer (1988-1991); committee vice president of member services (1992-1994); and chair of the ad hoc Committee on Long Range Strategy (1995-1996).
In a July 1996 profile published in Management Accounting (now Strategic Finance), Raubenstine noted that the theme for his term as IMA President would be “harnessing the power of change that is reshaping the world economy and the management accounting profession in particular.” Long before terms like Digital Age, data analytics, or finance transformation gained traction, Raubenstine offered his vision: “What will be the skills that will enable management accountants to function effectively in the year 2000? I think the organization has to be much more in front of the curve in anticipating these rapid changes to help our members and their organizations meet the ever-changing environment in which they work.”
Raubenstine with members of his family at IMA’s annual conference in Las Vegas in 1996.
Raubenstine and his daughter Amanda, an IMA member since 1999 who works at EY in Hartford, Conn., are the only father-daughter pair to have served on the IMA Global Board of Directors at the same time (2002-2004). Amanda served on the Board representing student members, while Clair was a director emeritus. Amanda has also been an active IMA member as well, serving on the Board as a young professionals representative and on the Performance Oversight and Audit Committee in 2005-2007.
She recalls, “Work was my father’s life, it’s what drove his purpose, but IMA also helped my dad to blend his professional life with his personal life.” Amanda has fond memories of attending IMA annual conferences, which included programs for spouses and children. “I attended them for at least 18 or 20 years straight—it was our family vacation. It definitely spurred my interest to study accounting as well.” Now there’s a third generation: Raubenstine’s granddaughter is currently an accounting major in college.
Raubenstine with his wife, Jeanne, and daughter Amanda at IMA’s annual conference in Seattle in 1999.
Throughout his career, Clair Raubenstine received numerous accolades, including awards from the Pennsylvania Institute of Certified Public Accountants and the American Institute of Certified Public Accountants for achieving one of the highest grades on the May 1966 CPA examination. Thirty years later and during his term as IMA President, Accounting Today recognized him as one of the 100 most influential people in accounting. In 1997, he received Rider University’s Lifetime Achievement Award.
In addition to his professional roles, Raubenstine was actively engaged in his community. He joined the Bucks County Economic Development Corporation in 1975, serving in various roles including president and treasurer. He served on the Pennypack Ecological Restoration Trust board, as a trustee of Arcadia University, and on several boards of directors. He was also vested as a Knight in the Equestrian Order of the Holy Sepulchre of Jerusalem in 2009 and the Order of Malta in 2013. Raubenstine generously supported numerous cultural institutions in Philadelphia and was a 35-year season ticket holder for the Philadelphia Flyers. He also served six years in the U.S. Army Reserves with the 304th Civil Affairs Unit.
Raubenstine is survived by his wife of 58 years, Jeanne, his three children, and numerous other family members. Expressions of condolence can be sent to the family.
January 2024
