Are you interested in a CMA certification? The Certified Management Accountant (CMA) is a professional designation awarded by the Institute of Management Accountants (IMA). This credential proves that an individual has the necessary knowledge and skills to work in accounting and financial management roles, leading to higher pay and more opportunities to advance professionally and personally in their career.
To become a CMA you’ll need to pass the CMA exam, which tests your mastery of the subject.
Want to know more? This guide cover’s everything there is to know about the CMA and will help you figure out if the CMA is right for you.
Let’s dig in!
Contents
- 1 What is a CMA?
- 2 What Does a Certified Management Accountant Do?
- 3 Where Can CMAs Work?
- 4 How Much Do Certified Management Accountants Make?
- 5 How Do I Become a Certified Management Accountant?
- 6 Is the CMA Certification Worth It?
- 7 Who Should Consider the CMA Certification?
- 8 Can Non-Accountants Become a CMA?
- 9 Should You Get Your CMA Certification?
What is a CMA?
A Certified Management Accountant (CMA) is an accounting professional with the experience and knowledge needed to perform managerial accounting roles. CMA can handle a range of tasks such as financial planning, analysis, and reporting.
The CMA credential is one of the most popular in the world of finance and accounting, and is quickly becoming accepted as an equivalent credential to the Certified Public Accountant (CPA) license.
The CMA credential is overseen by the widely respected IMA. Like any other credential, you’ll need to meet specific education and experience requirements. To become a Certified Management Accountant, you also need to pass the CMA exam.
Companies that hire CMAs prefer those with an undergraduate or graduate degree in accounting or finance. There are other paths to earning your CMA, but this educational background is most common.
If you’re looking to advance your career in the business world, earning your CMA certification could be the boost that you need.
What Does a Certified Management Accountant Do?
CMAs are employed in every corner of the business world, including manufacturing, healthcare, banking, and non-profit organizations. They help companies find ways to reduce costs, increase profits, meet budgets, and ensure effective internal control over resources.
A big part of a CMA’s job is analyzing data from various sources such as cost systems, general ledger accounts, budgets, and forecasts. Their expertise helps guide company decision-making related to pricing structures or cost-cutting measures. This is a valuable skill set in the business world, which explains why CMAs have so many career opportunities.
Where Can CMAs Work?
Certified Management Accountants can work just about anywhere. From small businesses to large corporations, accounting firms, financial institutions, or even the government. If they have an entrepreneurial spirit, they can even start their own business.
CMAs have amazing job security, and even career opportunities outside the accounting function. Financial Planning and Analysis (FP&A) departments routinely perform tasks that a CMA is uniquely qualified for. Even corporate development and management consulting roles are within reach. The sky really is the limit for CMAs.
How Much Do Certified Management Accountants Make?
On average, CMAs make over $90,000 per year. However, salaries can range from $60,000 to $85,000 per year, depending on experience and location. The top 10% of earners make over $100,000 per year.
How Do I Become a Certified Management Accountant?
To become a CMA, you’ll need to pass two exams and have at least two years of professional experience.
First things first, figure out if you meet the CMA eligibility requirements.
Next, register with the IMA and enroll in the CMA program. For the CMA path, you’ll need an undergrad degree in accounting or business administration AND two years of professional experience.
Most candidates meet these requirements before applying for the CMA. However, the education and experience requirements don’t need to be met until 7 years after you pass the CMA exam.
Next, you’ll need to pass the CMA exam administered by the IMA. All aspiring CMAs have to take and pass both parts of the exam before they can be certified.
The CMA exam tests your knowledge over a range of topics such as financial reporting, strategic planning, and cost management. Passing the CMA exam isn’t easy, but there are plenty of CMA study materials that can help.
Want more details? Check out our guide to becoming a CMA for a deeper dive!
Is the CMA Certification Worth It?
The CMA certificate is globally recognized and highly respected, but the process to become a CMA can be long. So, is it worth it?
In short, yes. Not only can the CMA lead to higher job satisfaction, but CMAs earn 58% more than non-certified accountants.
It might take some work, but becoming a CMA is a great way to invest in your future and take your career to the next level.
Who Should Consider the CMA Certification?
The CMA license is for anyone who wants to advance their career in management accounting. This includes financial analysts, controllers, and other senior finance professionals.
It can also be beneficial for those who are looking to move into management accounting from another field. The CMA certificate is globally recognized and will help you stand out from the competition.
Can Non-Accountants Become a CMA?
While the Certified Management Accountant designation is granted by the Institute of Management Accountants (IMA), you don’t need to be an accountant to sit for the exam. In fact, the IMA welcomes candidates from all academic backgrounds.
That being said, you’ll need at least two years of professional experience in management accounting or financial management before you can apply for the CMA exam.
Also, most employers require either an accounting or finance degree for upper-level accounting positions. So while an accounting background or education isn’t necessary, it’ll certainly make things easier for you.
Should You Get Your CMA Certification?
If you’re looking for ways to open up doors in your career, then the CMA designation is definitely worth considering. CMAs are highly sought-after by employers, have higher average salaries than their non-credentialed peers, and have great job security.
The CMA certification is not required for management accountants, but it can give you an edge in the job market. It’s also valuable if you want to move into other areas like FP&A, Internal Audit, or even education.
Whether or not you decide to get your CMA, it’s a good idea to continue learning and advancing your career in management accounting. Stop by our CMA resource center to learn more about the CMA credential.
