Certified Management Accounting is an accounting profession in which one specializes in both accounting or finance. CMAs work in financial analysis, planning as properly as management decision-making areas. The fascinating fact about this profession is that the know-how received from Certified Management Accounting is realistic in one`s every day work. Also, it is fascinating to observe that about seventy five percent of the CMAs work in commercial enterprise corporations as management accountants – controllers, accounting managers, chief economic officers and financial analysts (Mishra, 2012).
For one to emerge as a Certified Management Accountant, he or she will want at least a bachelor`s degree in accounting, finance or economics from an authorised group and should have a GMAT or GRE score of at least the 50th percentile or a current certification in any comparable field like Certified Public Accountant. Possessing a college degree in business and accounting provides a foundation for a successful future as a Certified Management Accountant. For one to apply for certification as a Certified Management Accountant he or she needs to have a management accounting experience of at least two years. This experience requirement can be met if one has a prior experience in management accounting or is working during school.
The licensing authority for CMA is the Institute of Management Accountants. One can obtain certification from IMA upon meeting its eligibility qualifications like having a bachelor`s degree, having a minimum of 2 years of experience, becoming IMA member as well as passing the certification exam. The location of the Certified Management Accountant positions are not limited to a certain locality, industry, international or domestic, private or government agency (Thomson & Möller, 2016). One can work as a Certified Management Accountant in any organization that requires the services of planning, analysis, and management decision making.
The starting annual salary of a Certified Management Accountant averages $70,276. According to the reports of the Institute of Management Accountants, professionals with a CMA certification makes about $28,000 more in their total compensation per year compared to the non-certified ones. The CMAs who have worked for long and have an experience of more than 5 years earn an average salary per year of $108,455(Thomson & Möller, 2016). Within the Certified Management Accountant profession, one can advance from junior positions to higher positions such as Chief Financial Officer, Chief Financial Analyst and higher management positions. This positions may require working for a while to obtain experience after joining the profession in addition to pursuing a master`s degree in accounting, finance or business administration.
In summation, Certified Management Accountant career needs one to apply the CMA practical skills in their daily work. To become a Certified Management Accountant one needs at least a bachelor`s degree in accounting, business or finance from an accredited college. In addition, one needs a minimum of 2 years works experience to obtain a license from the Institute of Management Accountants. Interestingly, CMA holders can work in any industry and in any locality. The average annual salary for a CMA beginner is $70,276. Advancement in this profession will require one to gain experience and pursue a masters` degree in either accounting or business administration.
Mishra, D. (2012). Management Accountant: Role & Future Challenges. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.1788032
Thomson, J., & Möller, K. (2016). The Certified Management Accountant CMA© in German-speaking Countries. Controlling, 28(10), 623-625. http://dx.doi.org/10.15358/0935-0381-2016-10-623