Everything you Need to Know about Certified Management Accountant (CMA)

So you aspire to become a Certified Management Accountant (CMA)? Still unsure about how to get started? Here are the details you should know before joining CMA training.

Opting for the CMA program is a great move to make your career thriving in management accounting. However, before getting into it, it is desirable to know everything about the course, qualification, eligibility, exam pattern, salary and the career prospects. To know everything about CMA, you need not go anywhere else; just relax and continue reading. By the end of it, you will get answers to all your queries related to CMA certification.

IMA Membership

The very first thing you need to obtain CMA certification is getting the membership in IMA. To acquire CMA certification IMA (Institute of Management Accountants) membership is a must. This is the crucial step every candidate fails to notice assuming that they can just sign up and attend the CMA Exam. The are two types of membership, student and professional. Also, the candidate needs to pay an annual IMA membership fee before entering into the program.

Requirements to get a CMA Certification

Apart from getting the IMA membership, candidates must meet other eligibility requirements including:

  • A bachelor’s degree from an accredited university/college or a related professional certification.
  • Pass the two parts of CMA exam
  • Two years of professional experience in management accounting or financial management.

You are allowed to join IMA and attend and pass the exam before completing these requirements. However, you will get the certification once you complete your bachelor’s degree and two years of professional experience. The CMA program lets you complete the course at your own pace. You may earn the CMA certification in six months or within 3 years of registration for CMA.

CMA Exam

Logic School of Management provides the best CMA USA classes in India to get over the exam hurdles. The two-part CMA Exam is entirely computer-based with four hours for each part. It’s 75 % Objective (100 questions) and 25% descriptive with no negative marks.

The part I of CMA exam focuses on the following syllabus.

  • External financial reporting decisions
  • Planning, budgeting and forecasting
  • Performance management
  • Cost management
  • Internal control

Part 2 of the CMA Exam focuses on the following areas

  • Financial statement analysis
  • Corporate finance
  • Decision analysis
  • Risk management
  • Investment decisions
  • Professional ethics

CMA Exams are computer-assisted and are conducted by prometric facility which has centres all across the world. Though you are supposed to schedule your CMA exams at least 72 hours prior, it would be better to schedule the exams four weeks in advance. The candidates are supposed to attend the exams in the following months.

January and February
May and June
September and October

Career Prospects after CMA Certification

Obtaining a CMA certification requires a substantial amount of effort and time. So before entering into the CMA program, take a moment to check how CMA is going to help you in your career development. Also, check whether this qualification is best suitable for your career, considering your education background and aspiration. However, getting a CMA certification opens a lot of career opportunities both in the domestic as well as the global job market. By enhancing your skills in finance, accounting and management, CMA certification entitles you to expand your career prospects. Also, you can accept job roles including Financial Analyst, Financial Risk Manager, Finance Manager, Financial Controller, Relationship Manager, Cost Accountant, Cost Manager etc.  

Salary of a CMA Professional

Just like any other job, the salary of CMA also depends on certain factors such as the designation, company size, years of experience etc. Bigger the company, the higher the salary will be. After completing a few years, it’s certain that you will be able to get a big amount as payment. No worries! Once you are awarded the CMA certification, you can expand your career and there will be no looking back.

Becoming a CMA will definitely help you increase your earnings and your corporate accounting career with greater prospects. With CMA certification, about 80% of the accounting professionals work in management accounting, financial accounting and various other sectors of accounting jobs.

Thinking about training institutes to help you join CMA and pass the exam? Don’t worry; a lot of institutes in India provide good coaching for CMA candidates. If you are looking for the best CMA training, get in touch with Logic School of Management, the leading training institute which offers training in CMA, ACCA, CA, CPA and other accounting courses. Logic School is renowned for its best CMA training in Calicut, Cochin and other major cities of Kerala. Don’t be late! Locate your nearest CMA training institute and prepare for the CMA exam in a time-efficient manner.

What Employers Are Looking for in CMA (USA) Employees

The CMA or Certified Management Accountant certification is offered by the Institute of Management Accountants (IMA), United States. It has been one of the most respected professional credentials in the accounting and financial management sectors around the world for more than four decades. This is primarily because of the knowledge and skills that are usually guaranteed in any candidate holding the certification. CMA candidates are highly sought-after employees, and have historically been one of the most well-paid professionals in any field, even at the beginning of their career.

But as businesses evolve to become more digital, collaborative, creative and global, employers are looking for much more than just knowledge in the financial sciences from their CMAs. In the following paragraphs we explore a few skills that can give CMAs a leg up in their professional endeavours and in their long-term career.

Technical Skills

The new digital business landscape calls on all professionals to embrace and build technical skills or risk becoming irrelevant. While basic computer literacy is critical in the daily operations of any CMA professional, it is always a bonus if you are easily able to adapt to new technologies. This is because the evolution of technology is perpetual and continuous, and employers want people who not only excel with the software they use today, but are also technically prepared for what is to come tomorrow.

Analytic Skills

As the IMA website states, CMAs should be capable of explaining “the ‘why’ behind numbers, not just the ‘what.'” The age of big data calls on financial professionals to develop the ability to look at large sets of numbers and draw insights that can help businesses with their long-term strategies. Developing an analytical outlook on ideas can also help you to come up with innovative solutions for the varied and often complex financial issues that plague modern businesses. The right CMA USA course can help you gather the knowledge that will become the foundation for these analytical capabilities.

Interpersonal Skills

As the internet spreads to encircle the world, it shrinks the planet that we live in. Modern professionals should possess the skills to work successfully and collaboratively within teams that are often spread across the world. Also, most companies believe that it is only employees with a certain degree of interpersonal skills who can perform well in leadership roles that require them to manage large teams of different individuals of varying capabilities, while building cohesion within the enterprise.

The Pursuit of Knowledge

Yes, this is a skill. We are in one of the most transformational phases in world history, and are gathering new knowledge at a pace that is unprecedented. This means that professionals in any industry must imbue themselves with the mindset of continuous education. These new skills can be in the financial and management sciences or even professional capabilities and soft skills. Candidates that are receptive and ready for new knowledge are always sought after by employers, because they have a higher probability of professional growth and the abilities necessary for taking on complex responsibilities.

Developing the skills listed above can not only help candidates stand out in the crowded and competitive job-space, but also build a more successful and meaningful career. Your CMA USA coaching centre should be able to advise you on how to start building these skills and maintain the habit throughout your professional life. We wish you a successful career ahead.