The general question that comes to the mind of every CMA aspirer is, is it worth it? It requires a lot of time, money and effort. So is it worthy enough to become a CMA? The answer is yes. We believe that candidates must research CMA certification courses before enrolling on one. It is challenging to opt for the best out of the millions. Below we will discuss the benefits of having CMA certification and why it is essential to pursue the CMA.
It would be best if you had a clear idea of the career path you will enter. Below is a list of some benefits of CMA that will help you look at this profession from a different perspective.
Benefits of having CMA Certification
The golden standard in Management Accounting
CMA is a respected designation in the corporate world. It is the highest certification that one can attain in Management Accounting. It is gaining pace around the globe, and CMA professionals have received high recognition. The CMA certification enhances your financial management and critical accounting skills, the most relevant skills required in business management. It increases your chances of getting hired compared to your peers.
CMA is replacing all other accounting certifications at a faster rate and is soon going to become the top globally recognised accounting certification. Although there is a shortage of CMA USAs, the management accounting certification program is becoming popular daily. Its popularity has travelled from the US to other fastest developing nations like the Middle East(Egypt, UAE, Saudi Arabia and Jordan) and Asian countries(India and China).
CMAs have high earning potential
The pay scale has always remained a concern for potential job-seekers. Apart from the knowledge, we aim to get better-paid jobs through these certification programs. According to the recent studies conducted by IMA, there is a salary hike of more than 67% for CMA certification holders compared to their peers. Although there may be few changes in the pay scale depending on your employer and the organisation, your average salary will also be much higher compared to non-certified employees. In other words, getting a globally recognised CMA certificate makes your future bright.
You will gain practical knowledge
Studies show that most of the CMAs end up in the non-public sector of accounting. Their skills are more in need in that area. Their skills have high value in the accounting industry. Knowledge gained through the CMA journey is more practical to apply in real life.
The IMA has simplified the entire process of the CMA exam. Because there are exam centres worldwide, CMA candidates can attend the exam from any part of the world. But it doesn’t mean that CMA exams are easier to pass. It still requires a bachelor’s degree, passing rigorous exams and two years of work experience in Management accounting to get certified. But by lifting the barricades of the region, IMA fulfils the dreams of the candidates, i.e. to concentrate on their studies and job and not worry about the bureaucracy and conflicting rules of state boards.
Scope of having CMA Certification
Upon realising the shortage of knowledge in management accounting, IMA designed the CMA certification program in 1972. The CMA certification comes in two parts- the CMA exam and work experience. The module of the CMA exam is Financial panning, Performance and Analytics and Strategic Financial Planning. Part one covers topics like Cost Management, Performance Management, External Financial Reporting, Internal Controls, Planning, budgeting and forecasting and Technology and Analytics. In contrast, part two discusses corporate finance, Risk Management, Financial Statement Analysis, Decision Analysis, Professional Ethics and Investment Decisions.
Career opportunities of CMA
CMA open up new doors of multiple career opportunities for you. CMA holders can take up the roles of Cost Accountant, Chief Financial Officer, Controller, Chief Executive Officer, Budget Analyst, Financial Manager, Financial analyst, Senior Accountant, Internal Auditor, Treasurer, Staff Accountant and many more. Some of the top companies hiring CMAs are Alcoa, 3M, AT&T, Boeing, Bank of America, Cargill, ConAgra, Caterpillar, Hewlett-Packard, Microsoft, Johnson & Johnson, Whirlpool, KeyCorp, Procter & Gamble, Verizon, Saudi Aramco, Xerox, etc. Most of these companies have got global recognition, and if any one of these companies hires you, your life as a CMA is set.
CMA fulfils the career dreams of candidates who aim at getting multiple job opportunities, better pay scale, job security, respect and recognition. But to clear any exam, you need proper coaching. For accounting-related coaching, visit the official website of Finprov Learning, India’s leading accounts education provider.