What is the CMA certification?

As far as accounting diplomas go, the Certified Public Accountant (CPA) certification often gets more recall than the Certified Management Accountant (CMA) certification.

Having said that, the (CMA) certification is on the rise internationally and focuses on the corporate accounting skills required to compete in today’s rapidly evolving business landscape. As data analytics becomes a critical requirement for long-term success, employers are increasingly thinking of certified management accounting for current forecasting and data-driven decision-making that sets the stage for future gain.

What does CMA stand for?

First, of all what's a CMA? And, what does CMA stand for? The (CMA) certification is a professional diploma offered through the Institute of Management Accountants (IMA) that demonstrates knowledge in management accounting and corporate finance.

Earning a CPA is a demand for moving up in a public accounting firm and a condition for many corporate accounting positions. The CPA is approved to practice public accounting, whereas once earning the CMA, an accountant accompanies expertise in corporate finance and business management. While CPAs focus firstly on activities like taxes, auditing, and compliance, CMAs take on more of an advising role.

Employers often look for candidates with leadership and planned decision-making skills when recruiting for high-level positions. CMAs are more and more valuable to employers facing a growing shortage of commercial finance experts who can pull applicable perceptions from large data sets and use that information to enhance prediction and inform future business strategies.

The CMA diploma demonstrates versatility due to its dual focus on accounting and finance. As such, approved professionals are qualified for a variety of roles, making them appealing to prospective employers.

What do CMAs do?

The certified management accountant's primary role is to use their finance and accountability, along with their performance management, strategic planning, and decision-making skills to inform business strategy.

CMAs can work in a broad range of industries, including corporate finance or accounting firms, as well as government agencies,  large corporations, or educational institutions, and can have roles such as accounting managers, financial analysts, controllers, and several other executive positions.

Who should consider the CMA certification?

Anyways your goal is to lock down that big promotion or go after a new career path, earning your CMA certification can help you proceed with your career in management accounting. Keep in mind that this diploma is most useful for those interested in going after strategic CMA management roles or beginning on an executive career path. If you’re more interested in a conventional career in public accounting, the CPA is the better bet.

Here are some examples of groups that may find the CMA certification most valuable:

• Entry-level accounting professionals. Though you'll need 2 years of work experience before you’re worthy of CMA certification, that experience can start with an internship or entry-level role in accounting or finance. For recent graduates interested in becoming management accountants, advisors or executives, taking the CMA Exam before entering the workforce can be a great way to compress the path to CMA certification.

While a CMA certification isn't a need for entry-level positions, it can be a great way to prove yourself to your employer early on. Early career roles for CMA candidates comprise general accountant, financial management associate, or analyst.

• Employed professionals ready to advance their careers. Accepted professionals looking to improve their job hope may also want to consider the CMA. For example, uncertified finance or accounting professionals, as well as those with CPAs or other certifications, may pursue the CMA diploma to advance to the next level in their career.

While many accounting and finance professionals already have experience controlling portfolios or financials for a company or account, the CMA is an effective way to transition from being a separate contributor to a big-picture strategist.

• corporate accounting and finance are interested in professionals. Large corporations employ a huge share of CMAs, as their limited knowledge and expert advice are extremely valuable to organizations with compound business operations. The CMA diploma unlocks several opportunities within the commercial landscape, from financial advisor to cost accountant to controller or CFO.

Finominal Education is the best launchpad to gain financial expertise. Our well-versed faculties provide the CFA aspirants with a healthy and competitive environment and strive to impart knowledge to gain productive results.