Is it worthwhile for an accountant to become a certified management accountant?
The US Certified Management Accountant (US CMA) qualifies you for working in high-level business and accounting leadership roles. It is a unique credential issued by the Institute of Management Accountants (IMA).
If you intend to become a CFO (Chief Financial Officer) or function in the financial leadership, then US CMA accounting would be an excellent way to reach there.
What is US CMA?
The US CMA certification positions you in working in management and finance accounting. It is a globally recognized and professional designation in strategic management and financial accounting.
Job Description of US CMA:
US CMA is a unique professional credential awarded by IMA. To earn this designation, the US CMA aspirants must demonstrate competency in financial analysis, financial planning, professional ethics, and organizational decision support. Also, they are qualified accounting professionals for various positions and lucrative roles that need these advanced financial management skill sets.
We found out about US CMA accounting while looking for a credential to help us move up the ladder without going through the US CPA route. The major difference between US CMA and US CPA is that CMAs don't know what is behind the numbers. However, they can understand the "why" behind finance and accounting.
The US Certified Management Accountants (US CMA) demonstrates financial analysis, planning, control, professional ethics, and decision support. In attaining the US CMA certification, the candidates have to learn the skills to become effective financial managers and strategic business partners.
What does a US CMA do?
If you are new to the US CMA certification, then you may not know what makes that certification unique. US CMAs have many vital roles and skills that stand apart from many other designations.
For beginners, US CMA accounting focuses on knowing the critical skills required to have a successful business. We are delighted about our ability to perform the key executive and management roles.
Many employees are seeking out US CMAs to join their executive team. The practical skills give businesses higher potential and greater credibility for profits.
US CMA Career Prospects:
Some of the career opportunities of US CMA are:
Treasurer
Chief Financial Officer
Finance Manager
Controller
Budget Analyst
US CMA Salary:
It's not a secret that many people pursue accounting jobs because of high pay, and having a US CMA certification in hand will increase your earning potential.
The US CMA salaries are significantly higher than the accountants without the designation. Here's the list of average base salaries by region for US CMAs.
US CMA Certification Requirements:
It is always essential to know the complete US CMA certification requirements. Here are the steps for you:
Become an IMA member.
Buy a CMA exam review course.
Pay the entrance fee for CMA.
Register and take the US CMA exam.
Complete Bachelor's degree.
Complete work experience requirement.
Having a bachelor's degree from an accredited university is one of the major CMA requirements. In addition, in order to attain the US CMA certification, you must require two continuous years of work experience in management accounting or financial management. The US CMA aspirants have up to seven years after clearing the US CMA exam to meet this requirement.
The US CMA exam is taken in two parts. The test is composed of MCQs (multiple-choice questions) and essay questions. You can have three hours to complete the MCQs and one hour to complete the essays. Therefore, it is essential to show all of your work experience and pay close attention to the details as you progress via this challenging exam.
There are two parts to the US CMA exam.
The part-1 of the US CMA exam covers the below topics:
Performance management, worth - 20%
Planning, budgeting, and forecasting, worth 20%
Cost management, worth 15%
Technology, and analytics, worth 15%
External financial reporting decisions, worth 15%
Internal controls, worth 15%
The part-2 of the US CMA exam covers below topics:
Decision analysis, worth 25%
Corporate finance, worth 20%
Financial statement analysis, worth 20%
Professional ethics, worth 15%
The investment decision, worth 10%
Risk management, worth 10%
US CMA Testing Windows:
The US Certified Management Accountant (US CMA) is offered in three testing windows. Every year, the candidate can take the US CMA exam in any of the three testing windows:
January-February
May-June
September-October
You can have until the 15th of the last month in that period for registering for the US CMA exam.
US CMA Exam Registration:
In order to start the US CMA exam process, the candidate has to join the IMA and pay a $250 entrance fee. After paying the fee, he will study for the US CMA exam and be free to schedule it at that time.
Scheduling the US CMA exam can happen through Prometric (IMA's testing partner). You can find the nearest testing center using Prometric and schedule your exam.
How to Study for the US CMA Exam?
People who intend to clear the US CMA exam must do a few things:
The candidate needs to select a US CMA study course (Hi-Educare) that works for them. Check out the instructor and preview the materials. Get the free previews or downloads he can. Ensure that he can enjoy the structure and feel confident that it works for them.
Follow a US CMA study plan. Also, don't wing it. It is essential that thoughtfully structure the time and lifestyle to work around the studies.
These are the top US CMA exam study secrets to get you started with a good mindset.
Conclusion:
Nowadays, US CMAs play an important role in many businesses. While the capacity and scope can change, they provide visionary leadership. The US Certified Management Accountants lead insightful analysis, strategic planning, and financial leadership. We hope this article helps you know US CMA's detailed insights.
If you intend to pursue the US CMA course, call our mentor,
Mr.Haresh (founder, Hi-Educare).
CPA, CMA, CFM, CISA, CRISC, FCA, ACMA (UK), CGMA, ACMA (India). He can guide you through the complete process of attaining the right US CPA certification.
Just call: +91 6361515064 | +91 9739177769
Email: info@hi-educare.com
Visit: https://hi-educare.com/
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