On This Page, You can easily know about How To Become A Certified Management Accountant.
Certified Management Accountant (CMA) is an accounting or finance specialist. CMAs add the areas of monetary planning, analysis, and management decision-making. Many accountants, auditors and financial analysts earn the CMA designation to advance in their careers. The CMA credential has specific education and work experience requirements. You want to also earn a passing score on the CMA certification exam.
Why Become a licensed Management Accountant?
The CMA qualification guarantees professionals can add strategic roles within finance teams. CMA holders join a community of their peers through the IMA, generally earn a better annual salary, and luxuriate in other advantages, like:
- Credibility: Like other certifications in accounting, the CMA qualification demonstrates competency. It’s also recognized in several countries, including the U.S., making it a globally applicable credential.
- Earning Potential: Employers often prefer CMA holders for higher-paying positions. In 2019, the IMA conducted a worldwide salary survey that found that CMAs earn 117% higher salaries than uncertified professionals.
Taking The CMA Exam
Re-evaluate the structure of the CMA exam parts. The CMA requires you to pass two exam parts. Each part features a multiple-choice section and an essay portion. Consider taking a CMA exam prep course through your university or the Institute of Management Accountants. The IMA recommends that you simply dedicate a minimum of 2 months of study to the present exam.
- You’ll choose which a part of the exam that you simply take first. Each part consists of 100 multiple-choice questions and two essay questions.
- Part one covers financial reporting, planning, budget topics and cash management topics.
- Part two tests your knowledge of monetary statements’ analysis, risk management and investment decisions.
Determine exactly what sorts of jobs and industries need CMAs. Management accounting focuses on internal company decision-making. When a corporation must decide whether to manufacture a part or outsource the work, they’re making a management decision.
- Use what you learned for the CMA exam to look for job leads. CMAs can perform financial analysis and budgeting tasks, for instance .
- When you’re watching any sort of job posting, note the language wont to describe the work . Compare that language to the talents you’ve developed studying for the exam and dealing within the field.
- Since a CMA focuses on management decisions, you’ll fill several sorts with roles at a corporation. A CMA could also be an accountant, auditor or an operations manager. You’ll consider a spread of positions during your job search.