5 Rewarding Career Paths for Certified Management Accountants
CMA is globally recognized and highly reputed certification, opening a diverse career path through traditional and non-traditional options. With a diversified knowledge portfolio of Budgeting, Strategic Planning, reporting, and analysis, CMA serves for more prominent roles in an organization.
If you have completed your certification and want to land your first post-CMA job, here you have a little brief of best career path to choose, as a CMA Professional.
Governed by the Institute of Management Accountants (IMA), CMA holds a credible and trusted position for business entities. As a CMA you get to explore your knowledge of Planning, business management, analysis, forecasting, and Risk evaluation to bring out an outstanding result.
Bridging the Gap Between Finance and Strategy, CMA plays a prominent role in business management and decision-making. And your set of skills and knowledge pays you off. Not only in terms of a high salary earning person, but as an accredited, reputed professional.
CMAs can serve different roles that align with their knowledge, experience, field of expertise, and interest. Match your key competency and choose the right one for you:
The prominent role a CMA can hold in an entity is as a Chief Financial Officer (CFO). A CFO is responsible for the sound financial health and financial success of a business.
While appearing for your CMA exams and compliances you get the core expertise in:
CFOs acting as senior executives in their day-to-day tasks are responsible for budgeting, forecasting, managing cash flow and capital expenditures, managing accounting and strong internal control.
Being CFO, you testify your skills earned as a CMA Professional and practically implement for business growth. Earning the diverse knowledge in finance may land you to holding the highest financial designation, playing key decision-making role.
As a corporate controller you take charge of the financial statements, internal controlee of business, planning and budgeting. You will ensure an accurate preparation and presentation of financial statements, provide reports to management, plan and manage budgeting and ensure business compliances and regulatory issues.
All of these are the core knowledge domain which you have already mastered while preparing for your CMA exams. The organization is highly relied on your knowledge expertise for annual budgeting, and accurate preparation of accounting. The role most suitable for a CMA will give you a training ground where you can practically implement your knowledge, skills and strategies.
One of the most impactful roles CMA can pursue is that of a Management Accountant. With their unique blend of expertise in planning, analysis, and risk management they prepare accounting for internal use of management for future trends.
Apart from the traditional accounting, CMA drives deep insight into financial numbers and analyzes the information that helps management to business operation and decision making. They conduct budgeting and forecasting, ensuring maximum utility of resources to achieve profitability and growth.
As a CMA you hold a key position having a high prior influence over the business where you will be the key person responsible to manage and maintain budget, allocation and utility of resources and informed decision making make you an invaluable resource for any business.
As a financial advisor you help individuals and businesses make sound decisions with their high acumen of financial analysis, risk management, and strategic planning. As a management accountant, you would guide clients with their money management and financial success.
Big giants and MNCs are hiring management accountants to ensure appropriate allocation and distribution of funds, Budgeting, savings, investment and tax planning. As a management accountant, it would be in a great position to consult people on the way to maximize them manage their finances and maxims their wealth.
Use your Financial Expertise and skills to Build Your Own Business. This non-traditional approach may lead you through hardship but will yield a fruitful return. CMAs are Well-Suited for Startup, and your skill set of financial analysis, business management, budgeting, and risk assessment will play a key role in your startup success.
There are plenty of career options you can explore as a CMA. Once you earn the certification there will be a number of paths you can explore which fit your interest. The certification not only promises higher earning potential and global recognition but also equips you with diverse skills essential for leadership roles in finance.
With the right preparation and dedication, the path to becoming a CMA can be a gamechanger step in your professional career.
Here is a roadmap to how to become a CMA.
As per IMA and average CMA earns 21% to 43% more than any other non-certificate holding professional. But depending on the roles, designation, and experience this may vary to a higher extent as well. As per a Survey conduct by Global Salary in 2023, an average salary of a CMA in USA is somewhere around $120,000 to $129,961 per annum.
CMA is an in-demand certification, gives a more promising a better career opportunity with higher designation and handsome salary. Why get a CMA certification is?
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
