In today’s competitive job market, having professional certifications can make a significant difference in advancing your career. One such certification that is highly regarded in the field of accounting and finance is the certified management accountant (CMA) designation. If you are looking to enhance your skills, increase your earning potential, and demonstrate your expertise in management accounting, becoming a CMA can help you achieve those goals.
What is a certified management accountant?
The certified management accountant (CMA) designation is a globally recognized certification that signifies expertise in financial management and strategic decision-making. CMAs play a crucial role in helping organizations make informed business decisions by providing financial analysis, budgeting, strategic planning, and risk management services. The CMA certification is awarded by the Institute of Management Accountants (IMA), which sets the standards for the profession and administers the CMA exam.
To become a Certified Management Accountant, candidates must meet certain education and experience requirements and pass a rigorous two-part exam. The exam covers topics such as financial planning, performance, and control; financial decision-making; and professional ethics. Once certified, CMAs must fulfill continuing education requirements to maintain their designation.
Why Become a Certified Management Accountant?
There are several benefits to earning the CMA designation. First and foremost, becoming a CMA can open up new career opportunities and increase your earning potential. According to the IMA’s 2021 Global Salary Survey, CMAs earn an average of 63% more in total compensation than their non-certified peers. In addition to higher salaries, CMAs often have more job security and are in high demand by employers.
Furthermore, the CMA certification demonstrates your commitment to professional development and continuous learning. By passing the CMA exam, you prove that you have the knowledge and skills necessary to excel in management accounting roles. This can help you stand out in a competitive job market and advance your career more quickly than your non-certified counterparts.
How to Become a Certified Management Accountant
If you are interested in becoming a Certified Management Accountant, there are several steps you will need to take to earn your certification. First, you must meet the education and experience requirements set by the IMA. Candidates must have a bachelor’s degree from an accredited institution and at least two years of relevant work experience in management accounting or financial management.
Once you meet the eligibility requirements, you can register for the CMA exam. The exam consists of two parts that cover a range of topics related to management accounting and financial management. Part 1 focuses on financial planning, performance, and control, while Part 2 covers financial decision-making. Each part of the exam consists of multiple-choice questions and essays that test your knowledge and analytical skills.
After passing both parts of the exam, you must complete two years of continuous professional experience in management accounting or financial management. Once you have met all the requirements, you can apply for your CMA certification and enjoy the benefits of being a Certified Management Accountant.
Conclusion
Earning the Certified Management Accountant (CMA) designation is a valuable investment in your career. By becoming a CMA, you demonstrate your expertise in financial management, strategic decision-making, and professional ethics. This certification can open up new career opportunities, increase your earning potential, and help you stand out in a competitive job market. If you are looking to advance your career in management accounting, consider pursuing the CMA certification and taking your career to the next level.