Getting a job with the Certified Management Accountant CMA exam
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April 30, 2024

Getting a job with the Certified Management Accountant CMA exam

Job Roles Associated

Certified Management Accountant (CMA) certification opens doors to various high-level roles in corporate finance and strategic management. Key roles include:

  • Financial Analyst
  • Management Accountant
  • Corporate Controller
  • Chief Financial Officer (CFO)

Responsibilities and Duties of Each Job Role

Financial Analyst

Financial analysts with a CMA certification are responsible for analyzing financial data to help companies make informed business decisions. They create financial models, forecast future earnings, and assess investment opportunities.

Management Accountant

Management accountants handle budgeting, strategic planning, and internal financial reporting. They work closely with managerial staff to formulate budgets and understand the financial implications of business decisions.

Corporate Controller

The corporate controller oversees the accounting operations of a company. This includes producing periodic financial reports, maintaining an adequate system of accounting records, and setting up comprehensive controls to mitigate risk.

Chief Financial Officer (CFO)

A CFO with a CMA designation leads the finance department and is responsible for financial planning, risk management, record-keeping, and financial reporting. The CFO plays a critical role in strategic planning and is often involved in discussions regarding mergers and acquisitions.

Key Tasks Performed by Each Job Role

  • Financial Analysis: Creating detailed financial reports and predicting future financial trends.
  • Budget Management: Developing and managing the organization's budget.
  • Strategic Planning: Assisting in formulating the company's future direction and supporting tactical initiatives.
  • Compliance: Ensuring compliance with statutory law and financial regulations.

Average Salary for Job Role

The average salary varies significantly depending on the specific job role, industry, and geographical location. However, generally:

  • Financial Analysts earn approximately $60,000 to $85,000 annually.
  • Management Accountants typically make between $70,000 and $100,000.
  • Corporate Controllers can expect salaries ranging from $90,000 to $130,000.
  • Chief Financial Officers (CFOs) often earn upwards of $150,000, with top earners reaching $300,000 or more in large corporations or high-profit sectors.

Top Companies Hiring for the Role

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Leading companies that frequently seek CMAs include:

  • Deloitte
  • PwC
  • General Electric
  • Johnson & Johnson
  • Microsoft

These companies value the strategic management skills that CMAs bring to their finance teams.

Future Prospects for the Role

The demand for skilled management accountants is expected to grow steadily. As businesses increasingly focus on data-driven decision-making, the need for professional accountants who can provide insightful financial analysis and strategic guidance is more pronounced than ever. CMAs are well-positioned to take advantage of these trends due to their specialized training in areas like cost management and performance analysis.

Holding a certified management accountant course or obtaining certified management accounting certification not only enhances credibility but also boosts career prospects across various industries. As global businesses evolve, the role of a CMA will continue to be crucial in shaping financial strategies that drive business success.

Frequently Asked Questions

Getting a job with the Certified Management Accountant CMA exam frequently asked questions.png

What qualifications do I need to sit for the Certified Management Accountant (CMA) exam?

To qualify for the CMA exam, candidates must hold a bachelor’s degree from an accredited university or an IMA-approved professional certification. Additionally, all candidates must have two years of professional experience in management accounting or financial management.

How do I register for the CMA exam?

Registration for the CMA exam involves several steps:

  1. Ensure you are an active member of the Institute of Management Accountants (IMA).
  2. Register for the CMA exam via the IMA online store or by calling their service numbers.
  3. Schedule your exam appointment through Prometric after receiving authorization.
  4. Keep track of testing windows and registration deadlines to ensure timely participation.

What topics are covered in the CMA exam?

The CMA exam is divided into two parts:

  • Part One: Financial Planning, Performance, and Analytics
    • External financial reporting decisions
    • Planning, budgeting, and forecasting
    • Performance management
    • Cost management
    • Internal controls
    • Technology and analytics
  • Part Two: Strategic Financial Management
    • Financial statement analysis
    • Corporate finance
    • Decision analysis
    • Risk management
    • Investment decisions
    • Professional ethics

How can I prepare for the CMA exam?

Preparation for the CMA exam can be approached through various methods:

  • Enroll in certified management accountant courses provided by approved providers.
  • Utilize study materials such as textbooks, practice questions, and lecture videos.
  • Consider enrolling in review courses offered by Becker, Gleim, or Surgent which include comprehensive preparation tools tailored to the CMA content specification outlines.

What are the benefits of obtaining a CMA certification?

Earning a CMA certification provides several career advantages:

  • Recognition as a qualified management accountant globally.
  • Higher salary potential compared to non-certified peers.
  • Enhanced career opportunities in financial management and strategic decision roles.

Is there a difference between CPA and CMA certifications?

While both CPA (Certified Public Accountant) and CMA (Certified Management Accountant) certifications are prestigious, they focus on different areas of accounting:

  • CPAs generally specialize in regulatory compliance, auditing, and tax matters.
  • CMAs are focused on strategic financial management and business analysis. This makes CMAs well suited for roles that require skills in financial planning and decision support within organizations.