Certified Management Accountant (CMA) is a professional designation that demonstrates expertise in financial accounting and strategic management. CMAs have earned this accreditation and are suitable for several responsibilities ranging from financial Controller to chief financial officer (CFO).
The Role of Certified Management Accountants (CMAs)
Certified Management Accountant (CMA) credential expands on financial accounting expertise by adding management abilities that help make strategic company choices based on economic data.
Certified management accountants (CMAs) frequently go above and beyond what is needed by generally accepted accounting standards in their reports and analysis (GAAP). CMAs, for example, may generate extra management reports that give specialized insights relevant to corporate decision-makers, such as performance data on certain business divisions, products, or even individuals, in addition to a firm’s mandated GAAP financial statements.
Certified management accountants (CMAs), like other financial credentials such as certified public accountant (CPA) or chartered financial analysts (CFA), are bound by a stringent code of ethics.
Candidates must have a bachelor’s degree or relevant professional certification and two years of continuous work experience in a related sector to be eligible for the CMA.
Candidates must also pass a challenging exam, requiring more than 300 hours of preparation.
CMAs must also be members of the Institute of Management Accountants, according to the Financial Industry Regulatory Authority (FINRA).
A Certified Management Accountant in the Real World (CMA)
A business owner who runs a modest construction supplies firm. He was recently invited to bid on a contract that would need a significant increase in her workforce. Although he thought the project would be a tremendous opportunity for his company, he was concerned about having the financial reporting capability to manage the extra workforce adequately.
She chooses to engage Dennis, a trained management accountant, to address this issue (CMA). To acquire his certification, Dennis had to pass a two-part test covering budgeting and forecasting, performance management, cost measurement, and internal controls. In his interview for the post, Dennis claims that these abilities will enable him to assist in appraising the costs and advantages of this new project and efficiently managing the expenses and logistics of supporting new clients.
Accountants, including certified management accountants (CMAs), are projected to be in high demand in the future years. Accountant hiring is expected to increase by 4% between 2019 and 2029. This expansion is projected to continue in the management accounting industry due to the lack of standardization since organizations have substantial discretion in building management accounting systems.
CMA is an abbreviation for ‘Certified Management Accountant.’ The CMA is one of the world’s premier management accounting degrees, administered by the IMA (Institute for Management Accountants). CMA’s curriculum, which is spread out over just two tests, employs some of the most advanced testing procedures to determine if management accounting hopefuls from all over the world are deserving of the title CPA. Every year, thousands of applicants take the CMA examinations in the United States to advance their careers as Management Accountants, Finance Analysts, and others.
Eligibility for US CMA
- The IMA, the world’s most prominent management accounting organization, administers the US CMA Exams. All applicants who pass two CMA tests are eligible for membership in the IMA.
- The 12th grade in India (or an associate degree outside of India) is necessary to sit for the CMA examinations in the United States.
- To be eligible for a CMA credential, you must have graduated.
- Graduating students are also eligible for the US CMA credential.
Simandhar Education offers a free eligibility check to see whether you are qualified for the famous US CMA certification.
The IMA offers the CMA USA Certification as an advanced accounting certification (Institute of Management Accountants). The US CMA Certification can assist you in developing a solid financial strategy. Our CMA USA online courses are intended for students, accountants, and financial professionals.
As a qualified management accountant, you will be skilled in financial planning, analysis, control, decision support, and professional ethics. CMA USA certification will boost your worth as an experienced and well-rounded professional and help you advance in your accounting career.
We are situated in India and offer the finest CMA USA instruction and study material in collaboration with IMA.
Opportunities after the training, including pay ranges and job roles
The US CMA is a globally recognized qualification that will make you employable in many businesses worldwide.
Many Big4s in India prefer qualified CMAs from the United States. Companies like Capgemini, Accenture, and Amazon, among others, are critical recruiters of CMA USA experts.
CMA USA certification provides businesses with trust in a candidate’s financial and managerial skills, making you a favored choice for employers globally. Some of the most prevalent employment roles for CMA practitioners are as follows:
- Business Analyst
- Manager of Financial Risk
- Financial Accountant
- Accountant (Cost)
- Cost Controller
- Analyst of Risk
- Financial Analyst
CMA USA certified experts are well rewarded, and not only in India; CMAs are well compensated throughout the world.
Exam Specifications and Schedule
IMA provides a 6-month testing period separated into three testing intervals. The testing periods are January-February, May-June, and September-October.
IMA also offers flexibility in arranging tests at the candidate’s convenience within the testing times specified (Jan-Feb, May-June, Sep-Oct).
The CMA USA test lasts 4 hours for Parts 1 and 2 (3 hours for objective questions and 1 hour for essay questions).
Prometric administers CMA USA Exams at locations across the world. Candidates must arrange their tests at least 72 hours in advance, and it is advised to place the exam at least four weeks in advance.
Role of CMA and Simandhar Education in its virtue.
Obtaining the CMA certification is an excellent career step, especially if you want to establish a name for yourself in the field of management accounting. But, before you begin, you must understand every aspect of the course, including eligibility, test format, salary, and the prospects it will provide. You do not need to go anywhere else to obtain all of this material; sit back and continue reading, and I am confident that by the end of it, you will have answers to all of your CMA certification-related queries.
You must have the following qualifications to obtain the CMA certification:
- IMA membership
- A bachelor’s degree from a reputed institution is required.
- Two years of related experience is required.
- Passed both portions of the CMA Exams
How to Become a CMA
To become a CMA, you must have a bachelor’s degree in any field other than arts. A student in their last year of a bachelor’s program may also pursue CMA; but, to obtain the certification, they must first have a degree and two years of relevant experience.
If you meet the above-mentioned minimal condition, proceed as follows:
- Register with the IMA
Professionals and students can register with the IMA (a critical step), for which a tiny fee is required. Students’ memberships are advantageous and reasonably priced.
- Pay your examination cost.
You must pay an examination fee that is valid for three years. During this time, you must pass both portions of the test. If you cannot pass the exam within the allotted time frame, you will be required to reimburse the money, which will be valid for another three years.
- Enroll at a prestigious training facility.
You must make the most of it because you only have a limited time after enrolling for the exam. It is usually essential to study under the supervision of skilled specialists to pass the tests. With an alumni network of 50000+ students and practice-oriented training programs specifically developed for you; Simandhar Education has been the market leader in Accounts training.
- Schedule and take the examination
When you feel ready to take the test after the training program, schedule it when convenient.
- Achieve FCCA
After passing both portions of the CMA test, you can add Chartered Certified Accountants to their name provided they have kept a current membership with the IMA and paid the yearly maintenance cost.