CMA- The Life Changer
CMA- “Certified Management Accountant”
CMA is a progressed, internationally perceived designation helps you to make financial decisions on behalf of the business. CMA’s analyze financially and plan strategies to improve organization execution. They assess investments, survey the inner and outside monetary dangers, and present their plans to senior management. CMAs are the accountants who can go on to renowned administration positions, similar to Finance Manager, Controller, or Chief Financial Officer. They additionally have 28% higher pay than their noncertified peers. Fundamentally, if you need to pick up a foothold in the business world as an accountant, get your CMA accreditation.
Turning into a Certified Management Accountant can be a precarious procedure. There is something else entirely to it than simply reading for and stepping through an exam. There’s more than one piece of the test that you should take.
Who is eligible for CMA Certification?
Is it safe to say that you are good at numbers? Is there a need to build ranges of scope in finance and accounting that can set you up for worldwide vocation achievement? Need to upgrade the worth you bring to your present position or extend your career potential in the management accounting? Then the CMA designation will assist you with propelling your profession.
The business world is dynamic. Every person in finance and accounting need to get ready for another method of working, with another arrangement of aptitudes, approaches, and perspectives to address the skill gap and make their mark. The CMA (Certified Management Accountant) certification lets you do correctly – by engaging you with domain mastery, analytical thinking abilities, decision-making and confidence required to control organizations and associations in the times of uncertainty.
The following are the CMA test necessities you will need to meet to get ensured as a CMA:
- A Bachelor’s degree from an accredited university
To become a CMA requires you need to have a bachelor’s degree from any stream except arts or you need to have a professional certificate. A student who is in the final year of the bachelor’s program may also pursue CMA.
- Membership of IMA (Institute of Management Accounts)
The IMA is the parent organization of the ICMA (Institute of Cost Accountants of India), which administers the CMA exam. Part of the process of becoming a CMA involves joining the IMA and being an “active member.” This means you have to pay their annual fee.
- Two years of relevant experience
To hold a CMA degree you must have 2 years of full-time work experience in management accounting or financial management. The experience requirement may be completed before or within 7 years of passing the examination.
- Clear both the parts of Exams
Clear both the parts (Part 1 and part 2) of the CMA Exam within 3 years of entry. You must also register for one exam part – either CMA part 1 or CMA Part 2 — within the first 12 months of entry.
- Should Attain FCCA (Fellow Member of the Association of Chartered Certified Accountants)
After clearing both the parts of the CMA exam, the IMA will issue a sequential number of the certificate for you and will update your name on your profile by adding CMA at the end of your name. If you already have two years of relevant work experience, you can immediately avail the FCCA from IMA after clearing both parts of the exam. If you are a fresher, you need to complete two years as finance or accounts professional to attain the membership.
Benefits of Getting CMA Certification
- Higher earning potential, commanding a salary of 31% greater than non-certified peers in the U.S. and 61% more globally.
- Can acquire new skills, such as strategic insight.
- An opportunity to work in big 4 auditing companies.
- A variety of positions with titles from financial analyst to vice president,controller etc.
- The potential for an increase in pay, in any event, during a troublesome economy.
- Greater credibility in both domestic and abroad as a strategic advisor and business partner.
- A visa to an assortment of organizations from global partnerships to small and medium-sized firms working in nations everywhere throughout the world.
- Access to a growing global network of thousands of professionals.
In conclusion, the way to the CMA designation may appear to be daunting. Even though investments may be high, the real expenses are low. Earning your CMA designation opens a lifetime of additional earnings, professional advancement, and a connected network to thousands of other financial and management professionals.