What is CMA?

The Certified Management Accountant (CMA) professional credential, offered by the Institute of Management Accountants (IMA), is the certification to get if you're in the management accounting profession. To know more about CMA read this blog.

Updated by Akshay Nair P R on 29th October 2019

What is CMA?

CMA certification signified that the person posses the required skills and knowledge required in the area of financialplanning, analysis, control, decision support, and professional ethics.

This is a certification given by US-based organization Institute of Management Accountants (IMA).

The people who have CMA certification can work in organizations of all sizes, industries, and areas which can be of various types like that of academic institutions, public and private enterprises, manufacturing and services, multinational corporations, government entities, and not-for-profit organizations.

As of February 2018, more than 50,000 CMA's have been certified across more than 100 countries.

As per IMA, CMA is a

"globally recognized, advanced-level credential appropriate for accountants and financial professionals in the business. Achieving the CMA demonstrates your professional expertise in financial planning, analysis, control, decision support, and professional ethics.”


What does a CMA do?

It’s hard to have an interest in a career while not knowing precisely what the job title will warrant, and within the complicated world of finance, it will be tricky understanding what everyone does.

That’s why I have given you an inventory of some tasks CMAs will be liable for on an everyday basis.

Here’s a summary of a number of the monetary and accounting duties that Morgan International says real-world CMAs perform:

Cost Management

Performance Management

External monetary reporting

Planning and Budgeting

Internal Controls

Profitability Analysis

Investment choices

Risk Management


How to become a CMA?

There are clear-cut steps for becoming a CMA, and they are as follows:-

Step 1:-Education

  • Earn a Bachelors Degree

  • Earning an accounting and business degree from a reputed college will be an add-on advantage

Step 2:-Membership

  • This is the simplest path on the road to becoming a CMA

  • Apply for CMA membership in the IMA's website and just by simple registration and be paying membership fee you are ready to go!

Step 3:-Work Experience

  • In order to become a CMA one must have a minimum of two-year continuous work experience

Step 4:-Qualifying the Exam

  • One has to complete a two-part rigorous exam of 4 hours each

  • Within this 4 hours, 100 multiple choice questions and 2 essay questions have to be attempted

Step 5:-Earning

  • After passing the exam. you would be hired by a firm as a CMA

  • Your work would be to provide your insights in financial planning and analysis

  • Then comes the best part: Salary!


Conclusion

Besides competitive earnings and compensation for people who are already working as a licensed management accountant, there has been an augmented demand for CMAs.

Some analysis forecasts an 18 % increase through 2016, which outpaces the 13 % national average growth for many accounting careers.

Holding a CMA certification offers the sort of stability you’re trying to find once it comes to leveling a high-quality education and all those familial distractions.

Earning a degree and a CMA certification is about achieving your goals and the way that success will impact your family and your loved ones.