What is CMA Certification and Who Is It For?
From 2018 to 2019, the number of Certified Management Accountants (CMAs) grew by 89%. This large increase comes as a result of the CMA certification providing exceptional value to management accountants worldwide. But, what is CMA certification, and is it necessary when working as a management accountant? This article outlines how to get a CMA certification as well as its benefits.
What is a Management Accountant?
The primary role of a management accountant consists of making informed business decisions using their expertise in accounting and finance. Management accountants also use strategic planning and performance management when setting business strategy. Within an organization, management accountants are frequently found as financial analysts, controllers, or accountant managers.
What is the CMA Certification?
The CMA certification is a professional credential offered by the Institute of Management Accountants (IMA) that verifies a person’s knowledge in management accounting, corporate finance, and business management including strategic planning.
Before becoming a CMA, an individual must meet certain requirements. This includes:
- Holding a Bachelor’s degree in any subject.
- Two years of work experience in management accounting.
- Being a member of the IMA in good standing.
- Passing both Parts of the CMA exam within three years of entering the CMA program.
Each Part of the CMA exam contains 100 multiple choice questions and two essay questions, with three hours to complete the multiple-choice questions and one hour to complete the essays.
What are the Benefits of Becoming a CMA?
Being a CMA gives management accountant professionals more freedom when choosing their career paths. Additionally, being a CMA can help boost your salary. According to the Institute of Management Consultants (IMA), CMAs are paid 67% more than their peers without a CMA.
Who Is the CMA Certification For?
As a whole, the CMA certification is most valuable for:
Entry-Level Accounting Professionals
An entry-level or internship role is a great way to gain experience to qualify for the exam. For recent graduates, this can help you fast-track your certification.
While being a CMA is not required for entry-level positions, having the certification shows employers that you are qualified for the role. In some cases, the certification may also help you beat out competing candidates for a job.
Accountants Who Want to Advance Their Career
The CMA certification can help professionals advance their career to become business managers and strategists.
Professionals Interested in Corporate Positions
CMAs are highly valued for their expertise in business operations, which can help those interested in finance or accounting roles expand their opportunities. As a result, professionals with the CMA certification are more likely to be offered management or officer roles from financial advisor to CFO.
Get Your CMA Certification
If you are ready to advance your career, HOCK international is here for you. We have been helping students pass the CMA exams for over twenty years and provide complete materials that will prepare you to pass the exams on your first attempt. Do you have questions regarding the CMA exams or the HOCK materials? If so, call us at +1-281-652-5768 or reach out to us online. We are here to help you succeed!