The Certified Management Accountant (CMA) is one of the significant accounting certifications that can propel you toward increased achievement and success. There are various reasons why you should become a CMA. These are:
1. CMA is considered as the gold standard in management accounting
The CMA is an advanced, globally-recognized professional certification that demonstrates an aptitude for making financial decisions for businesses. The CMA exam is specifically designed to measure the critical accounting and financial management skills. It lets you specialize in your accounting practice and is designed to blend accounting practices with business acumen. One of the fastest-growing credentials around the world, the CMA certification guarantees that you will be a prime candidate for job positions making you stand apart from other candidates.
2. Practical skills required for a job
The knowledge that is tested for in the CMA exam lets you stand in a unique position with a grip on both the finance side and the management side of a business. The certification provides an invaluable understanding of finance that companies need to be efficient and profitable. It also requires you to comprehensively understand corporate governance and concepts like responsibility accounting. A CMA often works closely with upper management, and their knowledge, skills, and experience influence the direction of these organizations, also taking up a consulting role with their clients.
3. The CMA certification will advance your career.
With the CMS certification, you will be equipped with the ability to handle challenging issues with knowledge-backed decision-making skills. The certification empowers many accountants to move up to bigger and better things. There are plentiful job opportunities in store for you if you pursue your CMA certification. As the demand for accountants is on an unprecedented rise, the demand for management accountants increases right alongside it. According to the IMA, 87% of CMAs stated that getting certified strengthened their ability to move across all areas of business. Here are a few of the most common career paths after CMA that you can apply for:
- Management Accountant
- Financial Analyst
- Cost Accountant
- Accounting Manager
- Senior Accountant
- Corporate Controller
- Chief Financial Officer (CFO)
4. Earning potential
Getting certified as a CMA requires you to demonstrate high-level management-related skills. This is why CMAs are better qualified to take management positions, which is where big money lies in the corporate world. According to a comprehensive study by the IMA, Certified MAnagement Accountants earn 67% more than their non-certified counterparts.
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