In-phase/quadrature (I/Q) imbalances, which are generated by non-ideal transceiver components, are inevitable physical phenomena that cause the performance of practical communication systems to be degraded. In this paper, we provide a new closed-form expression for the bit error rate of hierarchical M-ary phase shift keying with I/Q phase and amplitude imbalances and analyze the effect of I/Q imbalances on BER performance over an additive white Gaussian noise channel.