Certified Management Accountant (CMA)
US CMA
Certified Management Accountant (CMA) is the highest level of certification for management accountants awarded by the Institute of Management Accountants (IMA), USA. Institute of Management Accountants (IMA), USA has 125,000+ members spread across 140 + countries and 300 chapters. The program of study gives you the skills you need to enter the finance profession and adapt to the changing needs of the business. US CMA offers an outlook on the company's future and contributes to value production.
BENEFITS OF US CMA
- The US CMA certification shows one's understanding of financial management, which strengthens one's career prospects.
- A US CMA certification gives one the chance to supervise junior accounting professionals. Anyone interested in managing or allocating tasks for a team should consider US CMA.
- US CMAs play a significant influence in the financial decisions that a firm makes since they manage both finances and accounts.
- Being a US CMA entails having a large deal of responsibility for making strategic decisions because having the certification makes you look capable to managers.
- While improving your prospects of employment advancement, US CMA gives you the chance to switch around your career route.
- According to a study, a US CMA earns 58% more in salary than an accountant who is not a US CMA.
CORE SKILLS OF CERTIFIED MANAGEMENT ACCOUNTANT (US CMA)
-
STRATEGY:
US CMA is the first to adjust or create strategies linked to accounting, operations, bookkeeping, predictions, and more since they have a complete understanding of financial statements and processes. -
PERFORMANCE:
One of the key components of a US CMA is to carry out performance measurement. A US CMA can track the advancement of spending, investment, project results, operations, and more with the assistance of business evaluation. -
REPORTING AND CONTROL:
All US CMAs, regardless of the function they play, wind up being outstanding consultants for reporting and control that contribute to preserving an organization's financial stability. -
TECHNOLOGY AND ANALYTICS:
A tech-aware person with knowledge of machine learning and artificial intelligence is a must in the realm of technology. Anyone holding a US CMA certification suggests to be a technology expert given the US CMA test involves technology. -
Business acumen and operations:
US CMA also creates a strategy for the firm in addition to using technology and being knowledgeable about financial statements. -
LEADERSHIP:
Since managing is in the title of a US CMA, one of the most important traits of a US CMA is the ability to manage a team. -
PROFESSIONAL ETHICS AND VALUES:
A US CMA's ability to lead others ensures their professional ethics. -
FINANCIAL ANALYSIS:
US CMAs can decipher financial spreadsheets that are helpful for analyzing performance and extract all the pertinent and important information for business leaders to understand. -
BUDGETING AND FORECASTING:
Budgeting and forecasting are skills that US CMAs excel at since they are well-versed in the capital of the organization. -
COST ACCOUNTING:
One of the benefits of being a US CMA is holding out measurable responsibilities for leaders and shareholders. -
RISK MANAGEMENT:
The primary responsibility of US CMA in making risk-related decisions for the organization is measuring, assessing, and quantifying the risks. -
COMMUNICATION:
A US CMA has a vital role in raising issues relating to any financial subject of the firm, thus they should be proficient in communicating. -
PROBLEM-SOLVING:
To comprehend a problem and take appropriate action, management professionals collaborate cross-functionally with supervisors across a variety of disciplines.
US CMA COURSE DETAILS
It is the first stage of the examination, having 4 groups;
| CMA Part 1: Financial Planning, Performance, and Analytics | |
|---|---|
| Topic | % Of Exam |
| External Financial Reporting Decisions | 15% |
| Planning, Budgeting, and Forecasting | 20% |
| Performance Management | 20% |
| Cost Management | 15% |
| Internal Controls | 15% |
| Technology and Analytics | 15% |
| CMA Part 2: Strategic Financial Management | |
|---|---|
| Topic | % Of Exam |
| Financial Statement Analysis | 20% |
| Corporate Finance | 20% |
| Decision Analysis | 25% |
| Risk Management | 10% |
| Investment Decisions | 10% |
| Professional Ethics | 15% |
US CMA ELIGIBILITY CRITERIA
EDUCATIONAL QUALIFICATION
- Hold a bachelor's degree from an accredited college/university or a related professional certification.
- The students are required to submit the educational requirements within seven years of completion of the exams. Therefore, a student pursuing a bachelor’s or professional certification is eligible to appear for US CMA exams.
US CMA EXAMINATION
- Required to clear two papers in any order.
EXPERIENCE
- 2 years of continuous professional experience in Accounting and Finance.
- The practical experience is to be completed prior to or within seven years of passing the examination.
US CMA COURSE DURATION
Depending on students' dedication and commitment, one can complete the course within 6 months and up to 3 years from the date of registration, to finish the US CMA course.
Students could appear for exams in any order for Part 1 and Part 2:
Jan-Feb
May-June
Sep-Oct
CAREER PATHWAYS
Being a US CMA paves the way for professional options in decision-making positions, such as those of manager or controller:
Chief Financial Controller
Chief Financial Officer
Financial Manager
Risk Manager
Financial & Planning Analyst
Management Accountant
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Cost Accountant
FAQs
A1. Depending on students' dedication and commitment, one can
complete the course within 6 months and up to 3 years from the
date of registration
A2. Bachelor’s Degree or Professional Certification (CA, CPA,
ACCA, etc.) The students are required to submit the
educational requirements within seven years of completion of
the exams. Therefore, a student pursuing a bachelor’s or
professional certification is eligible to appear for US CMA
exams. Required to clear two papers of the US CMA examination in
any order. 2 years of continuous professional experience in
Accounting and Finance. The practical experience is to be
completed prior to or within seven years of passing the
examination. By joining the IMA network, you can benefit from
helpful resources and network opportunities.
A3. A US CMA earns 20 lakhs per year, and an entry-level US CMA with
less than 3 years of experience earns an average income of 7.6
lakhs per year.
A4. Since the average rate of passing aspirants is 45% that is
less than half the total aspirants appearing for the exam. The
difficulty of US CMA examination is hard.
A5. The degree of difficulty a student encounters while
studying for the US CMA relies on the motivation behind that
student's desire to pass the exam.
A6. Since the US CMA syllabus solely covers topics relevant to
cost accounting, the CA syllabus is much larger.
A7. Yes, one can pursue US CMA along with B.Com.
A8. The designations of US CMA and MBA are both highly respected
in the fields of finance and accounting. However, US CMA offers a
better return on investment and enables you to achieve a
better position in your career than an MBA.
A9. Yes, US CMAs have a bright future because they are frequently
hired by international corporations for roles in corporate
finance.
A10. In the 12th grade, math is not a required subject
according to US CMA. To pursue a career in US CMA, one must have a
solid understanding of fundamental math, though.
