What is the eligibility for CPA course
What is a CMA and what do they do?
Accountant (CMA) is a certification in financial accounting and strategic management. Furthermore, unlike other accounting certifications, CMA is a globally recognized credential with a special focus on corporate finance and management accounting. Consequently, it can be useful to get a brief perspective of the CMA before we dive into how it will enrich your career.
This professional certification is offered by the Institute of Management Accountants (IMA). Institute of Certified Management Accountants (ICMA) within IMA is a division of the CMA Certification Awards. Also, IMA is based in New Jersey and has coverage in over 140 countries.
IMA has been promoting and developing CMA Credential to create a global benchmark for management accounting professions for more than 40 years through its rigorous certification exam. The organization, formerly known as the National Association of Accountants, was founded almost 100 years ago in 1919 in Buffalo, NY. Subsequently, the name of the organization has undergone a few iterations and was changed to IMA in 1991 to emphasize the role played by accountants and financial professionals working within organizations.
Let's look at a few CMA job descriptions along with a list of what CMAs are able to do in their careers.
What is a Certified Management Accountant and what do they do?
What is a job description of the CMA?
CMAs work in accounting, corporate finance and strategy teams in an organization. CMAs analyze and analyze data from multiple sources to inform performance improvement. Additionally, they not only crunch numbers for internal review and budget analysis, but also help make strategic business decisions by providing insights into the company's financial health.
In addition, they coordinate with other performance managers to propose improvements related to the company's financial strength. Certified Management Accountants typically work as calculators, risk managers, budgeters, business consultants, FP&A managers, management accountants, financial strategists, and executive decision makers.
What tasks are CMAs Qualified to Perform?
CMA are certified professionals qualified in areas of financial analysis and financial planning such as budgeting and forecasting, internal control, reporting, and professional ethics. Hence, the typical US CMA work experience can broadly be summarized as follows:
- Identify opportunities for investment management
- Act as a mentor and supervise lower level accountants
- Prepare financial statements - income statements, balance sheets, and cash flow statements
- Presentations for executives
- Create strategies to improve and manage various internal and external risks
- Arrange the funding and funding options
- Monitor and manage compliance
Where Do CMAs Work?
Essentially, CMAs are needed in public or private organizations as well as in government agencies as cost accountants, managerial accountants, industrial accountants, private accountants or corporate accountants. However, given the broad nature of their skills and expertise, CMAs are in demand in a wide variety of industries.
In essence, some of the most common industries to employ a certified management accountant include:
- Educational services
- Insurance and real estate
- Medical and health services
- Communications and utility services
Employment areas and opportunities
Certified management accountants are uniquely qualified to fill many different positions in these industries. Here are a few jobs that CMAs perform across every industry:
- Cost management
- Performance management
- Profitability analysis
- Investment decisions
- Internal controls
- Financial reporting
- Planning and budgeting
Why CMAs Needed?
Skills and knowledge gained while pursuing CMA certification enable the professional accounting concepts to combine their practical applications in finance. In addition, CMA certification hones skills in accounting and financial data analysis that improve performance and can be used and made strategic business decisions.
Additionally, CMAs are experts in cost management, budgeting, and efficiency. Consequently, with enough years of experience under their belt, they make great COOs and controllers. This is because of their expert knowledge and ability to identify wasteful areas in company operations and correct them to make the company more efficient and profitable.
Why is this a CMA by Credential Wanted?
Much like a Certified Public Accountant, CMA is a globally recognized certification. Therefore, it opens up rich opportunities in management accounting and financial management across various industries. For a reasonably small investment of about $ 2,500 and 300 hours of study time for the CMA exam, the coveted CMA certification program provides a path to a six figure salary and an edge over the competition in the marketplace.
Should you become a CMA?
Ultimately, the job market for certified management accountants is always booming because they are looking for professionals. Consequently, becoming a CMA will help you advance to executive levels in almost any company that was not available to you before.
Not to mention, your salary is going to be quite dramatic and increased. Basically, it's a breeze; you should do it!
Kenneth W. Boyd is a former Certified Public Accountant (CPA) and the author of several of the popular "For Dummies" books published by John Wiley & Sons including 'CPA Exam for Dummies' and 'Cost Accounting for Dummies'.
Ken has gained a wealth of business experience through his previous employment as a CPA, Auditor, Tax Preparer, and College Professor. Today, Ken continues to use those finely tuned skills to educate students as a professional writer and teacher.
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