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Are you a seasoned accountant or a fresh graduate planning to grow your career in financial management?
Are you an aspiring CMA or need clarification about whether it is your right career move?
The blog will be your roadmap; by the end, you will have a clear vision of choosing the right path to landing your dream job.
Here, you will get a deep insight into the CMA as a career, including the importance of CMA, Eligibility and Exam pattern for preparation, career key roles and responsibilities, and average CMA salary considering the experience. This will help you with a clear vision of what it takes to become a CMA and unlock your professional potential.
Governed by the Institute of Management Accountants, CMA Certification is a globally recognized designation that holds a credible and trusted position for business entities. Holding proficiency in Budgeting, Strategic Planning, reporting, and analysis, CMAs play a crucial role in business management and decision-making.
With more than 140,000 CMA professionals in more than 150 countries, it is one of the high-paying jobs where professionals hold key roles in BOD as well. CMA certification can significantly enhance your career prospects.
If you are determined to prepare for CMA certification, Bookmark the blog. With our proper guidance and process breakdown, cracking your exam would be easy, like a piece of cake.
Complete your undergraduate degree (not mandatory while appearing for the exam)
Get the IMA Membership
Register for the CMA Exam
Pass two parts of the exam in 3 years
2 Years of Professional Experience
Get your CMA designation
Educational Requirement
Bachelor’s/ Undergraduate degree from an accredited college or university, preferably in Account, finance, or economics. (not mandatory, but submit verification of education to ICMA within seven years of completing the CAM examination).
IMA Membership
Prior to Sitting the Exam, you must have an active membership with the Institute of Management Accountants (IMA).
Work Experience
Must have two consecutive years of work experience in Management accounting or financial management. Your internship or any training will not count toward this.
Then you join and pay the Entrance Fee. Now, you have three years to successfully crack the two parts of the exam that cater to the different sections.
Exam Pattern
Usually, completing the CMA Certification takes a period from one to three years, split into two parts. Each part covers different areas of management, such as accounting and financial management.
Part 1
(Financial Planning, Performance, and Analytics)
Part 2
(Strategic Financial Management)
Register for the CMA exam, pay the registration fee, and appear for any of the three windows of the Exam conducted annually.
Once you meet all the above requirements and successfully pass the exam, you are all set to apply for your CMA certification.
1. Create a Study Schedule
Develop and stick to a detailed study plan. Allocate specific times for each topic and ensure you cover all areas comprehensively.
2. Streamline Study Resources
Use a combination of textbooks, online courses, and practice exams to reinforce your understanding.
3. Choose the Right Exam Prep Course
Select a review CMA Exam Prep Course that suits your learning style and covers the entire syllabus.
Practice Questions: 2,000+ questions
Coverage: Full syllabus coverage
Price: $199
Video Lectures: 60+ hours of expert-led lectures (24/7 access)
Learning Avenue: On-demand learning
Live Mentoring Sessions: Monthly sessions
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Equipped with skills in budgeting, strategic planning, reporting, and analysis, CMAs help businesses deal with financial and management challenges.
CMAs are the leading professionals with primary management designations who strongly influence decision-making. According to IMA, in recent years, the demand for financial professionals has increased.
Financial Planning and Analysis: CMAs prepare financial forecasts and budgets to guide strategic planning.
Budget Management: Proficient in creating and managing budgets to achieve financial goals and stability.
Cost Management: They analyze and control costs to improve efficiency and profitability.
Performance Evaluation: CMAs assess financial performance and recommend improvements.
Strategic Financial Management: They provide insights into long-term financial planning and investment decisions.
Internal Controle and Risk Assessment: Ensure Compliance and regulatory requirements. Identifying financial risks and implementing mitigating strategies.
The geographical reach of the CMA has increased, and over the years, the number of IMA members has increased by 25% YOY. In the diverse knowledge category, a CMA can easily move and work in different kinds of businesses and industries. This is why CMAs are suitable for management positions in any company, from small entities to Fortune 500 and Big Fours.
Financial Analyst: Analyze financial data and create financial models.
Controller/ Management Accountant: Oversee accounting operations, budgeting, strategic planning, and internal controls.
Risk Manager: Financial Risk Assessment, reporting, and building mitigation strategies.
Cost Accountant: Managing and analyzing costs, Cost allocation, inventory Management, and Budget support to improve efficiency.
Chief Financial Officer (CFO): Leading the financial strategy within the organization.
The compensation of CMA professionals depends on their vital role in the organization, knowledge pursuance, and work experience. CMAs often hold higher designations in management and Boards of Directors (BOD).
But in general, according to a Survey conducted by IMA in 2023, the average Salary of a CMA in the USA is somewhere around $120,000.
The CMA certification offers a promising career path in management accounting and financial management. With rigorous exam preparation and a clear understanding of the career prospects and job opportunities, you can position yourself for success in this dynamic field. Start your journey today and leverage the CMA designation to achieve your career goals.
The CMA Exam Prep Course is a professional certification exam administered by the Institute of Management Accountants (IMA) that focuses on management accounting and financial management skills.
Typically, it takes one to three years to complete the CMA certification, depending on your study schedule and other commitments.
Benefits include professional recognition, enhanced career opportunities, higher earning potential, and global recognition and flexibility.
Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at MYCPE ONE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.
Nicholas Branson, CPA
