What Is a Certified Management Accountant?
A Certified Management Accountant (CMA) is a professional certification credential in the field of management accounting and financial administration. This credential signifies knowledge in financial planning, analysis, control, decision support, and professional ethics. Those who hold the CMA designation are highly sought-after in the industry. However, this credential has some restrictions. First of all, a CMA must have at least five years of experience in the field of management accounting or finance before he or she can qualify for the designation.
Before 2010, the CMA exam was divided into four parts, namely Business Analysis, Management Accounting, and Strategic and Financial Management. Today, the exam is divided into two four-hour parts that focus on the core knowledge areas of accounting and managerial finance. The ICMA examination also includes questions on decision support. After passing the CMA exam, you can pursue a career in management consulting or financial services. There are many opportunities available for CMAs, including executive-level positions in business and consulting.
Once you have completed the CMA exam, you can start looking for a job. There are many different jobs available in the field of management accounting. One of the best-paid positions in the field is as a CMA. You can work in a variety of sectors, including public relations, marketing, sales, and more. As a CMA, you will have the ability to analyze and communicate financial information to management decision-makers.
For CMA certification, you must have a bachelor’s degree and two years of full-time experience in a management accounting position. You also must pass two parts of the CMA exam. A good prep program usually includes 150 to 170 hours of coursework. The CMA exam consists of 100 multiple-choice questions and two essays. It is important to take both parts of the exam within three years. You must also have a minimum of two years of experience.
After completing the CMA exam, you should choose a certification program that is reputable. There are many global organizations that offer CMA exams, but IMA is the most popular. The CMA exam is offered by the Institute of Management Accountants of America. There are few differences between the two organizations, but they do have some common requirements. The IMA is more expensive and has more extensive study syllabi. The ICMA has more advanced training in management accounting.
After passing the exam, you should consider taking a professional development course. There are many options available to students. The IMA’s CMA certification is one of the most respected designations in the field of management accounting. There are many benefits to becoming a CMA. In the end, you’ll be able to use the certification to advance in your career. Once you have the CMA, you’ll be able to demonstrate your expertise in strategic management and financial accounting.
A CMA is an accountant who is certified by two organizations. The IMA and ICMA are the two largest global accounting bodies. Both organizations have different entry requirements and study syllabi, but both offer a CMA certification. There are no prerequisites for aspiring CMAs, but it’s important to complete your bachelor’s degree in accounting. This will provide you with the foundational knowledge to advance your career in any field of business.
Despite the differences between the IMA and ICMA certification, both certifications are valuable in the management accounting field. A CMA is a valuable credential for those who wish to advance their career in strategic management or executive careers. The IMA is more widely recognized than ICMA, but both are equally valuable. You may want to pursue a certification in one of these two global bodies if your goal is to advance in the management accounting field.
In addition to a CMA certification, a CMA has to have at least two years of work experience. It is recommended that candidates have a full-time teaching position if their course load is composed of finance and accounting coursework. In addition, an IMA-certified accountant has to have a master’s degree in a relevant field. The IMA is the largest professional association in the world, and it has been in existence since 1893.